Moscow, April 2 (PRIME) - Russia's President Vladimir Putin signed a law on accession to a convention on the preservation and management of fisheries in the northern Pacific Ocean, according to a statement on the Kremlin's website.
The convention, signed in 2012 by Canada, China, South Korea, Japan, Taiwan and the US, is aimed at the long-term preservation and sustainable use of fish resources.
The agreement provides for the creation of the Pacific Ocean Fisheries Commission, with all the contracting parties as members. The commission will determine the general permissible catch of fish in the region, and set terms for establishing new methods of fishing as well as the pattern and level of participation and monitoring and control of fish resources.
The convention will allow Russia to participate in resource development in the northern Pacific Ocean and make joint decisions with other parties of the convention. Russia's expenses on the convention will amount to $45,000 per year.
