A non-binding agreement has been signed by the Cook Islands government and three significant players in the global and regional fisheries industry.
The first point of the Memorandum of Understanding is that both parties recognise the importance of the country's marine resources and migratory stocks' being sustainably managed.
Both parties have agreed to recognise the importance of fisheries as a contributor to the economy of the Cook Islands.
It acknowledges that both parties have a common interest in a designated long line fishery of large pelagic species, targeting albacore and other species of tuna and bill fish, which are being landed at Pago Pago.
The companies involved are the Tri Marine Group, Luen Tai Fishing Venture and Yuh Yow Fishery.