South Korea has begun domestic procedures to ratify the Cape Town Agreement on the safety of fishing vessels, the oceans ministry said Thursday.

The agreement, adopted by the International Maritime Organization (IMO) in 2012, is meant to enhance safety onboard fishing vessels, including vessel construction and safety equipment, to prevent illegal fishing and to ensure the long-term sustainability of the fishing industry.

South Korea, along with dozens other nations, vowed in 2019 to bring the pact into force.

It is expected to take effect late 2022, as it shall enter into force 12 months after at least 22 states complete ratification.

Currently, around 16 nations, including France, Germany and Spain, have ratified the agreement, according to the Ministry of Oceans and Fisheries.

South Korea has sought understanding from related industries and devised measures to meet the requirements, the ministry said.

It has also been pushing to revise the fishing vessel act and create a 170 billion won ($144.78 million) fund by 2023 to support the industries in taking necessary steps in line with the agreement, it added. (Yonhap)