The Parties to the Nauru Agreement (PNA) Office in Majuro transferred US$4.135 million (SI$28
million) to the Solomon Islands Government just before Christmas 2011.
The funds were transferred to the
Central Bank of Solomon Islands (CBSI)
account in New York.
The money was for payment of days traded between Solomon Islands and Marshall Islands when Solomon Islands closed its EEZ in June.
Some of it was also for days that Taiwanese vessels overfished which led to Solomon Islands reaching its Allowable Effort in May and the closing of its EEZ in June.
Nauru and Tuvalu also closed their
EEZ to fishing when they reached their Allowable Effort in September and
October.
The CEO of the Parties to the Nauru Agreement Office who is Administrator of the Vessel Day Scheme, Dr Transform Aqorau said that the Vessel Day Scheme - VDS is a very good instrument because it allows for those countries whose waters fishing is heavy and run out of days to trade with those that have days to spare because fishing might not be as heavy.
“Fishing is now done quite differently from even 3 years ago because Parties have rights to days. These days are quantifiable in monetary terms and are valuable. They are the property of each State.
“Fishing vessels now have to purchase the opportunity of
fishing by ensuing that they have days available to fish. Solomon islands and
others that have bee trading days have benefited from this arrangement".
The Vessel Day Scheme is an arrangement where each Party to the Nauru Agreement are given days which they are allowed to sell in a year.
If a Party runs out of days in a year, they may trade with another Party that has days to sell. In this way, the utilisation of days throughout the year should balance and everyone benefits.
The Parties to the Nauru Agreement are, Federated States of Micronesia, Kiribati, Marshall Islands, Nauru, Palau, Papua New Guinea, Solomon Islands and Tuvalu.
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