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What Is The Cape Town Agreement

The entry into force of the CTA would provide States with a powerful tool to ensure that ships flying their flag are held accountable for the safety of their crews; fishing activities are carried out safely and lawfully; and that their security obligations as responsible flag States are being met. This would encourage ship operators to engage responsibly in an inherently dangerous activity. And it would also help states protect their citizens working on foreign-flagged vessels and reduce the risk of IUU fish entering their markets. The Cape Town Agreement joins a handful of other international fisheries agreements that have gained ground in recent years. The Cape Town Convention on International Interests in Mobile Equipment or the Cape Town Treaty is an international treaty designed to standardize transactions in movable property. The treaty establishes international standards for the registration of purchase contracts (including specialized registrars), security rights (liens), leases and conditional purchase agreements, as well as various remedies against defaults in financing agreements, including redemption and the impact of the bankruptcy laws of certain states. Market countries can assure their consumers that people who fish for their seafood have safe and decent working conditions. Many of these states already have national legislation that is in line with or superior to the provisions of the CTA, thus determining that their national fleets are already operating safely. However, its entry into force would allow market States to apply these requirements to foreign-flagged vessels importing seafood in order to meet the requirements of their consumers and improve their safety.

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