The Halibut Convention was first signed in 1923, modifications occurred over time, but the changes were largely technical. This treaty is bilateral between Canada and the United States and was negotiated to provide for the restoration of the stocks of halibut. A scientific staff was formed to assess halibut populations and recommend harvest rates so that halibut could recover to a level that provides the maximum sustained yield. The Convention provides for the establishment of fishing divisions, size limits, open and closed seasons, allowable gear, etc, all designed to permit a rational fishery. After the catches are divided between the two countries, each establishes its own allocations between its user groups. There is broad agreement that the Convention is a success. Stocks are healthy, they are above the level that produces MSY and they are three times larger than they were thirty years ago.

The success of this Convention has generated sufficient confidence to allow both countries to implement Individual Transferable Quota(ITQ’s) systems that materially improve everything from safety at sea to the delivery of quality fish to the consumer.