Russia and Argentina have approved a draft agreement on fisheries cooperation. The agreement will make seafood exports from Argentina to Russia significantly easier and boost trade volumes. Russia will also obtain a right to fish in Argentine waters, the agreement stipulates.
The last agreement between the countries was signed in 1987 and lasted through 1992. In 2014, Russia introduced a ban on imported food from a number of countries in Europe and North America, and turned to South America for more agriculture products.
In 2015, Russia initiated work on a trade agreement, and the countries exchanged visits of top officials. The parties agreed upon a draft in September, which was then approved by the Argentine and Russian governments.
The newly-signed document also includes cooperation to step up combating illegal, unregulated, and unreported (IUU) fishing; conservation and restoration of marine biodiversity and fish stocks; and work on scientific projects, including joint research, exhibitions, and seminars, data exchanges, and training in fishing and aquaculture.
A special Russian-Argentine Fishery Commission will be established to see the agreement implemented. The agreement will last five years with the possibility a five-year extension.
Argentine seafood exports to Russia increased 82% in 2017 over 2016, making Russia the third most-important market for the South American country. In 2017, Argentina exported US$ 24.3 million worth of shrimp to Russia, 193% higher than in 2016.