Towards a market-oriented management model for straddling fish stocks

In an attempt to consider how such seemingly intractable problems might be resolved, attention is next turned to the construction of a new model for resource management specifically intended to contend with the problems thrown up by straddling stocks. Central to this is the need to ensure motivation and incentivisation of value chain members in both national economic zones and international waters. It is proposed that a Multinational Resource Cooperative (MRC) is established and would be the key element in the management model. The MRC, on behalf of the national stakeholders, would auction quota so that fish enterprises can purchase quota units defined in terms of species, quantity, catch area and the time of catch. The MRC would also be financed through a quota auction fee as explained below and arrange its own quota control and enforcement services. By auctioning rights to stakeholders the MRC will enable control and enforcement of the TAC; allocations of fair national shares of resource and critically, motivate fish enterprises to devise and implement market-oriented value adding strategies. Adoption of such a scheme should result in a more efficient use of the remaining straddling stocks whilst there is still time to do so. Importantly, the proposed rent distribution mechanism would also shift the focus of negotiations from being dominated by quotas and access rights to more evident pecuniary metrics.