The EU is a major world fishing power and the leading market for processed products and aquaculture. In 2005, the EC25 recorded a EUR 11.65 billion trade deficit in fishery products, with imports of EUR 14.09 billion and exports of EUR 2.44 billion. Norway is the primary supplier of fishery products to the Community (16.7% of the EC25 imports), while Japan is the number one consumer of EC25 exports (11.7%).

The CFP reform, approved in December 2002, is a turning point in fisheries management. The new CFP takes more account of the impact of fisheries on the environment and favours sustainable development. The Reform included strict capacity management measures to ensure the steady decrease of the EU fleet. It also put an end to public aid for the renewal of the fishing fleet and for the export of capacity to third countries. The new capacity management regime has now been successfully running for more than three years.