Commencement of Ratification Process for the 'Cape Town Agreement' to Strengthen Safety of Distant-Water Fishing Vessels

Crew members aboard the deep-sea fishing vessel "Lim Discoverer," owned by Hanseong Enterprise, stranded in Papua New Guinea after sinking due to a collision with a reef on April 20 last year. (Image source=Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Oceans and Fisheries announced on the 9th that it plans to begin domestic procedures to ratify the 'Cape Town Agreement,' aimed at strengthening the safety management of distant-water fishing vessels.

The Cape Town Agreement is an international treaty that sets safety requirements for distant-water fishing vessels, including hull structure, stability, and lifesaving equipment. It was adopted in 2012 under the auspices of the International Maritime Organization (IMO).

Currently, 16 countries including France, Germany, and Spain have completed ratification, and 33 countries including South Korea and China pledged to participate in ratification in 2019. Accordingly, the agreement is expected to come into effect by the end of next year once the requirements are met.

The Ministry of Oceans and Fisheries plans to obtain consent from stakeholders in the distant-water fishing industry, submit a ratification request for the Cape Town Agreement to the Ministry of Foreign Affairs, and proceed with follow-up procedures such as amendments to the Fisheries Vessel Act.

In preparation for the Cape Town Agreement, the Ministry plans to establish a distant-water fishing vessel safety fund worth a total of 170 billion KRW by 2023 and support the replacement of aging distant-water fishing vessels with new ships.

Kim Jun-seok, Director of Fisheries Policy at the Ministry of Oceans and Fisheries, said, "Joining the Cape Town Agreement is a policy effort and declaration of commitment to the safety management of distant-water fishing vessels," adding, "We will establish measures to minimize the burden on the industry and maximize efficiency on the ground."