A proposal has been made to reform the law in order to better regulate the fisheries sector, which contributes 5% of GDP, expanding prohibited areas and implementing a moratorium on commercial fishing licenses.

Aware of the of the importance of industrial, commercial and sport fishing for the Panamanian economy, the Aquatic Resources Authority of Panama (ARAP) is preparing a draft law to modernize the current fisheries legislation, which dates from 1959.

Martesfinanciero.com reports that “…Sources close to the bill state that streamlining processes for obtaining and maintaining fishing licenses are among the most effective methods to improve the activity. “

“… It also seeks to reinstate a moratorium, so that new commercial fishing licenses are not granted, mainly for actvities which are harmful such as longliners , trawlers and purse seine fishing. The proposal also indicates the extension of the areas of prohibition of certain fishing gear, such as in the archipelago of Las Perlas, the Azuero Peninsula and Hannibal Bank in Coiba, up to 10 miles around, to preserve and increase the number of schools, as well as help those who practice artisanal or subsistence fishing.”