The Protocol will ensure the continuity of fishing activities for EU vessels in line with the reformed Common Fisheries Policy and enhance sustainable fishing based on quotas established according with the best scientific advice.

As a counterpart, the new Protocol represents a balanced package of a total annual value of 17.8 million € from the EU budget, with a slight decrease in access payments. The EU can accept additional and new fishing opportunities if these are offered by Greenland throughout the period of the Protocol.

The Agreement with Greenland is the third most important for the EU in terms of its economic value. It consolidates bilateral cooperation on long-term resource conservation and underpins the continuing strong relations between both Parties.