The EU fishing industry is the world's 4th largest, supplying some 6.4 million tons of fish each year. Fishing and fish processing provide jobs for over 350,000 people.
The Common Fisheries Policy (CFP) is a set of rules for managing European fishing fleets and for conserving fish stocks. Designed to manage a common resource, it gives all European fishing fleets equal access to EU waters and fishing grounds and allows fishermen to compete fairly.
The CFP was first introduced in the 1970s and went through successive updates, the most recent of which took effect on 1 January 2014.