What is the fishing quota system? What is the Olympic fishing system?
To ensure sustainable fishing practices, fishing nations have a system in place which protects the health conditions of their region’s fish stocks. Some fishing nations adopt the fishing quota system, whereby each fishing company is allocated a quota share of the country’s total allowable catch (“TAC”). This is the preferred fishing system as companies have the right to harvest up to their quota allocation at their own pace. Prior to April 2009, Peru operated under the Olympic fishing system which generated a race to catch as much as possible until the TAC is reached. Peru has now switched to the more preferred fishing quota system.
