Economics - Policy and rules - PNA
The Parties to the Nauru Agreement (PNA) controls the world's largest sustainable tuna purse-seine fishery. PNA countries provide around 50% of the global supply of skipjack tuna, the most commonly canned tuna.
PNA members are: Federated States of Micronesia, Kiribati, Marshall Islands, Nauru, Palau, Papua New Guinea, Solomon Islands and Tuvalu.
Article 5 of the Parties to the Nauru Agreement (signed in 1982 and amended in 2010) discusses the role of the PNA office, which includes the need to “formulate initiatives to maximise the sustained direct and indirect economic benefits to the Parties”.
The Palau Arrangement/Purse Seine Vessel Day Scheme (amended April 2016) sets out the rules for the Purse Seine Vessel Day Scheme, a unique PNA scheme to maximise net economic returns to member countries from sustainable use of tuna resources.
Minimum benchmark fees for foreign vessels licenced to use fishing days under the vessel day scheme were set by a Memorandum of Understanding signed in Palau in 2013.
The benchmark is underpinned by annual analyses conducted by PNAO economists to assess economic rents against changes in prices and costs. Fishing days are sold annually to industrial fishing nations, either as part of a negotiated bilateral agreement, or through a tender process. PNA is also exploring options to strengthen the selling of fishing days by auction.