Agreement on relations in the sea fisheries sector between the European Economic Community and the Argentine Republic - Exchange of Letters - Protocol I establishing the fishing opportunities and financial compensation provided for in the Agreement on relations in the sea fisheries sector betweeen the Argentine Republic and the European Economic community

The Agreement lays down the principles, rules and procedures for cooperation between Argentina and the Community as regards the conservation, exploitation and processing of fishery resources (art. 1). Said cooperation shall be realized, in accordance with the relevant provisions of the UNCLOS, through: (a) joint study of the most efficient means of promoting he preservation and conservation of living marine resources; (b) exchange of data on fish stocks; (c) joint scientific research. The Community shall make payments to the Government of Argentina to promote the rational management and exploitation of fishery resources on a sustainable basis. Furthermore, the Parties shall create the conditions for the establishment in Argentina of undertakings using capital originating in one or more Member States and the creation of joint enterprises and joint ventures in the fisheries sector between Argentinean and Community shipowners. The projects for the joint ventures, Community undertakings and joint enterprises, selected in accordance with the methods and criteria set out in Annex III, shall be eligible for financial assistance according to Protocol I.The pursuit of fishing activities shall be subject to the possession of a fishing licence issued by the Ministry of Agriculture and Fisheries of the Argentine Republic. Article 10 provides for the establishment of a Joint Committee in charge of overseeing the application of the Agreement.The Agreement is followed by seven Annexes regarding, among other matters: conditions governing the creation and access to resources of joint enterprises and the establishment of undertakings in Argentina (Annex I); conditions governing the creation and access to resources of joint ventures in Argentina (Annex II); methods and criteria for project selection (Annex III); conditions governing applications for and the issuing of fishing licences (Annex IV).The Protocol sets out the maximum annual fishing opportunities in accordance with article 5 of the Agreement and for a period of five years from the date on which it comes into force. Article 2 specifies the maximum annual quantities that Community vessels operating as part of joint venture may catch. The Community shall provide financial assistance for the formation of joint enterprises, Community undertakings established in Argentina and joint ventures. With a view to promote scientific and technical cooperation, the Community shall grant a total financial contribution of ECU twenty-eight million for the duration of the Agreement, to be paid on an annual basis. The financial assistance and the financial contribution shall be paid to an account authorized for that purpose by the Argentinean enforcement authority and which shall be extra-budgetary. The Agreement shall apply for a period of five years with effect form the date of its entry into force and shall continue to apply for additional periods of two years, unless notice of termination is given at least six months before the date of expiry of the initial and any additional period (art. 12).