Rights based fishing on the high seas: Is it possible?

The high seas fisheries are troubled by overcapacity and lax enforcement of management rules. The idea has emerged that these problems could be dealt with by property rights solutions such as ITQs. Such management tools only emerged after the 200-mile EEZ was established. This made it possible to apply the sovereign state's legislative, enforcement and judiciary apparatus to regulate fisheries. It is argued that without the EEZ such solutions would have been unlikely to emerge, and that a further extension of the EEZ is necessary to apply rights-based regulations to high seas fisheries. The current management regime of high seas fisheries lacks the necessary enforcement apparatus, which makes it necessary to apply trade sanctions, port measures and blacklisting to support regulations of high seas fisheries. It is argued that such measures are likely to be the second best, compared to further extending coastal state jurisdiction. Finally a bioeconomic model is applied to analyze potential gains from cooperation in high seas fisheries.