MercoPress. South Atlantic News Agency

Boric enacts Chile's new Fisheries Law

“Wealth belongs to those who produce it, and that wealth should not remain in the hands of large companies,” Boric insisted

Chilean President Gabriel Boric Font enacted Chile's new Fisheries Division Law (Law 21,752) on Thursday, a landmark piece of legislation that rebalances fishing quotas in favor of the artisanal sector. The signing into law follows its successful passage through the Constitutional Court. Joining Boric at the ceremony were Economy Minister Nicolás Grau and Undersecretary of Fisheries Julio Salas.

Speaking at La Moneda, Boric reminded attendees of the 2012 protests against what he called a “corrupt” fishing law, stating that the new legislation corrects “12 years of unequal distribution of fishing resources.” He emphasized that this new law will benefit “thousands of families” and is projected to redistribute approximately US$160 million annually from the industrial fishing sector to the artisanal sector.

President Boric underscored his government's philosophy, declaring, ”We are employees of the people, not of the powers (...) or large companies.“ He linked this law to broader initiatives like mining royalties, asserting that ”wealth belongs to those who produce it, and that wealth should not remain in the hands of large companies.”

The new regulations will establish a revised distribution scheme for global catch quotas across 23 key national fisheries, significantly increasing the artisanal sector's share. Furthermore, any increases in the artisanal share will be distributed equitably across all regions to prevent concentration.