Most of Iceland's fish are caught within its 200-mile exclusive economic zone. Few foreign boats are allowed in these waters, and none can buy Icelanders' quotas. But Iceland has an interest in fish whose stocks may live partly within and partly outside its limits, or may migrate; and many of its boats also fish outside their own waters, mostly in the north-east Atlantic. Three international agreements govern fishing in these seas, all managed by the North-East Atlantic Fisheries Commission, based in London. One concerns herring, signed by Iceland, Norway, Faroe, Russia and the EU. The other two, with fewer signatories, control blue whiting and mackerel. All seem to work well, though illegal fishing, mostly by ships sailing under frequently changed flags of convenience, remains a problem.

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