by the flags of convenience that allow vessels to operate under a state's flag where there exists limited fisheries regulations or laws, enables fishing vessels the ability to practise illegal, unreported and unregulated fishing. This U.S. $1.2 billion-dollar industry poses a drastic impact on global fish populations and blatantly undermines the international rules of conversation and management of the high seas resources, according to Ian Macdonald, Australian Minister for Fisheries, Forestry and Conservation (2003-2010). Illegal and unreported fishing contributes to the reduction in fish stocks and hinders the ability for fish populations to recover. It is believed that between 10 billion and 23 billion incidences of illegal and unreported fishing happen annually, with communities in developing countries being more likely to partake in these illegal activities. See also Bottom trawling Environmental effects of fishing Fishing techniques Ghost net Marine Stewardship Council Sea Fish Industry Authority Sustainable fishery United Nations Convention on the Law of the Sea Treaty References Further reading Ferguson-Cradler, Gregory. "Fisheries' collapse and the making of a global event, 1950s–1970s." Journal of Global History 13.3 (2018): 399-424. online External links Australian Fisheries Management Authority FAO - State of World Fisheries and Aquaculture 2018 Fisheries and Oceans Canada National Oceanic and Atmospheric Administration fisheries - Protecting Marine Life Fishing industry Environmental impact of fishing