Squid Transferability Individual Quota (ITQ) pilot project promotion in South Korea

Published 2024년 9월 2일

Tridge summary

The Ministry of Oceans and Fisheries in South Korea is launching a pilot project for the Individual Transferable Quota (ITQ) system to manage squid resources and resolve conflicts between the offshore jigging and offshore gillnet industries. This system, inspired by practices in countries like Canada, the US, New Zealand, and Iceland, will allow trading of quotas up to a certain limit. Initially, 400 tons of the offshore jigging squid quota will be allocated to about 30 offshore gillnet fishing boats, with participation in the ITQ system being mandatory for them. The project aims to improve resource utilization, preserve fishing income, and establish a reliable ITQ system for the advancement of the fishery industry in South Korea.

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Original content

The pilot project for the Individual Transferable Quota (ITQ) system for squid is being promoted. The Ministry of Oceans and Fisheries announced on August 29 that it signed a mutually beneficial agreement with the main goal of the Individual Transferable Quota (ITQ) pilot project between offshore jigging and offshore gillnets to resolve the conflicts between industries over rapidly declining squid (squid) resources. The Individual Transferable Quota system is a system that allows trading within a certain limit of the individual quota range based on Korea's Total Allowable Catch (TAC) system. This system was first implemented in Canada in 1972 and has been applied in most advanced fishing countries, including the United States, New Zealand, and Iceland. Korea also plans to introduce the ITQ system in line with the time when the TAC is applied to all coastal fishing vessels as a measure to implement advanced fishing. The main target species for offshore jigging is squid. However, as ...

Source: Fisheco