Greenland has since its withdrawal from the EU in 1985 had a fisheries agreement with the EU with four Protocols laying down the specific terms in a given protocol period. In 2003 a mid-term evaluation of the agreement was completed with the decision to split the overall agreement in two: a continued fisheries partnership agreement on commercial terms and, a partnership agreement.
On January 1, 2013 the new commercialised fisheries partnership agreement between the EU and Greenland came into force. The EU's financial contribution is 17,8 million euros per year for fishing rights and quotas in the Greenland Exclusive Economic Zone. The main objective of the fisheries partnership agreement is to provide the EU with fishing quotas and to maintain and strengthen the relationship in fisheries between the EU and Greenland.
The Protocol lays down the fishing opportunities for EU vessels, the financial contribution, the categories of fishing activities and the conditions governing these. The protocol covers a period of 3 years (2013-2015). The Protocol also contains a possibility for closer economic cooperation in the fishing industry, through the possibility of setting up joint enterprises involving companies from both parties. In order to ensure sustainable fishing the Agreement furthers cooperation in the scientific field.