Sri Lanka says it has suffered a revenue loss of $75 million (68 million euros) because of a European Union ban on fish caught by Sri Lanka-flagged vessels.
Brussels accuses Sri Lanka of allowing vessels to fish the Indian Ocean without marine satellite positioning equipment, making it virtually impossible to monitor their movements.
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Sri Lanka was a significant exporter of swordfish and tuna to countries in the EU, which blacklisted Sri Lanka in January for failing to combat illegal fishing.
On Wednesday, Sri Lanka Foreign Ministry spokeswoman Mahishini Colonne said her government has been taking steps to address the issues raised by the EU. Among them are fitting transponders on high sea fishing vessels, maintaining a register of fishing licenses and prosecuting vessels found to be fishing illegally.