The Minister of Fisheries for Iceland, Mr. Einar Gudfinnsson, opened the workshop providing an overview of the importance of globalisation to Iceland and also highlighting the increasing consumer demand for fisheries sustainability and Iceland’s experience on the use of market measures in fisheries management. The fishing industry is facing certain risks, such as declining fish stocks and the effects of overcapacity. Concurrently value systems across the globe are converging, a process that is furthered through the globalisation process; this has resulted in increased awareness among consumers of the problems faced by natural resources. Traditional controls to achieve sustainability in the industry are still warranted but can usefully be complemented by new approaches, including labelling. In capture fisheries, rights-based systems and the use of transferable quotas can help align the incentives of stakeholders with those of fisheries policy makers and managers, for example, by devolving user rights and responsibilities to communities. Aquaculture is increasingly an important source of seafood and has the potential to meet increasing consumer demand, particularly from developing countries. However, this sector must also be managed in a sustainable way. Two trends of globalisation were highlighted: outsourcing along the fisheries value chain, and the rise of eco-labels and resulting consequences for developing countries. The Minister also noted that the benefits from globalisation will only accrue when countries do not concurrently raise new barriers to trade.