European fishing boats exploit African local flags for overfishing, causing $2B annual loss in Northwest Africa.
European fishing boats are using local flags in African countries to avoid local restrictions and contribute to overfishing, harming local fishing communities. Financial Times reports that European companies set up joint ventures with local partners to access local flags, exploiting weaker standards and enforcement in African waters. This practice results in an estimated $2 billion annual loss in revenues for Northwest Africa due to illegal and unregulated fishing, leading to dwindling sustainable fish stocks.
August 16, 2024
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