The Russian State Fishing Committee and the Nicaraguan Ministry for Development, Industry and Trade's Fishing Department yesterday signed a memorandum of understanding. The memorandum is the result of talks between delegations from the two government departments. According to the State Fishing Committee's press office, the Russian delegation was headed by the committee's deputy chairman, Vyacheslav Volokh.
In order to discuss practical issues regarding cooperation it was decided to hold a session of a joint Russian-Nicaraguan fishing commission within 3 months of the signing of the memorandum. The meeting of the commission is intended to initiate work on drawing up a new framework agreement between Russia and Nicaragua. The new cooperation agreement will be based on the previous agreement, but will also take into account changes that have occurred in each country's economy and changes in the level of fish stocks in Nicaragua's fishing zone.
Cooperation between the USSR and Nicaragua in the fishing industry took place on the basis of an intergovernmental agreement of September 2, 1981. This agreement remains in force today. The document sets out the main conditions for cooperation and fishing by Russian vessels in Nicaragua's exclusive economic zone.
According to the 1981 agreement, Russia offered Nicaragua assistance in developing its fishing industry, training fisheries experts, studying marine bio-resources and organising joint fishing projects. Most of the conditions of the agreement were fulfilled, but as a result of Russia's move to a market economy and a crisis in Nicaragua's economy, cooperation was halted in the early 1990s.