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The Partnership Agreement between the European Community and the Federated States of Micronesia on fishing in the Federated States of Micronesia (hereinafter referred to as the Agreement) is hereby approved on behalf of the Community. The text of the Agreement is attached to this Regulation.

Scope This Agreement establishes the principles, rules and procedures governing:

(a) economic, financial, technical and scientific cooperation in the fisheries sector with a view to enhancing responsible fishing in the FSM EEZ to ensure the conservation and sustainable exploitation of fisheries resources, and developing the FSM fisheries sector;

(b) the conditions governing access by Community fishing vessels to FSM EEZ;

(c) the arrangements for monitoring fisheries in FSM EEZ with a view to ensuring that the above rules and conditions are complied with;

(d) the measures for an effective conservation and management of fish stocks;

(e) the prevention of illegal, unreported and unregulated (IUU) fishing; and (f) the promotion of cooperation among economic operators including partnerships between companies aimed at developing economic activities in the fisheries sector and related activities, in the common interest.