The agreement will allow up to 40 EU vessels to operate in Guinea-Bissau waters in return for a financial contribution of €9.2m a year by the EU. As part of that the EU will invest €3m a year to support the development of the local fisheries sector by strengthening Guinea-Bissau's monitoring, control and surveillance capacity, encouraging scientific cooperation, improving sanitary controls and offering support to artisanal fisheries. These actions will be programmed and implemented in accordance with the priorities expressed by Guinea-Bissau and will be consistent with the actions supported by the EU through the European Development Fund

The new Protocol is good value for the EU and will also be a significant boost to the local economy and to the development of the fisheries sector. Fisheries is an important economic activity and source of jobs for Guinea Bissau whilst EU boats have an interest in fishing tuna, shrimps, cephalopods and demersals along the country's coast. As with all of the EU's agreements, the partnership with Guinea Bissau is based on the principles of resource sustainability, good governance, and local development. The fight against illegal fishing is of particular importance to both parties and can only be addressed through the cooperation and joint approach central to this agreement.