The importance of the fisheries sector to the Asian economy is widely acknowledged. Its significance lies in three main areas: (i) as a source of animal protein for human consumption, (ii) as a source of employment, and (iii) as a source of foreign exchange. About 150 million people in Asia are economically dependent on fishing and its related activities, although marine fishing accounts for only about 1% of the total world-wide economy. Table 1 shows the distribution of world marine catch by principal producers in 1993. Ten out of twenty top world fish producers are Asian, with China contributing about 10 million tons of fish, or 11.9% of the total world catch. These ten countries together account for almost 43% of the world's fish catch. Ten percent is produced by Southeast Asian countries, including Thailand, Indonesia, the Philippines and Vietnam (FAO 1995). In 1992 Asia accounted for almost 43% of the world's total fishing fleet, far ahead of its more advanced counterparts from the former USSR, Europe, and North America. Table 2 shows the distribution, by continent, of the world's nominal catch and total fishing fleet. In terms of productivity of the fishing fleet, the index for Asian fisheries is quite low at 4.39 metric tons per gross registered ton (GRT) compared to those in South America, Africa, and Oceania (FAO 1995). With population growing at a rapid rate and an increasing demand for fish among Asians, it is expected that more pressure will be applied to already dwindling fish stocks in this region. The facts of the fishing crisis in Asia have been well documented, yet there is little indication that the fishing industry and those who control it are interested in anything other than short-term economic gain. The general response to declining fish stocks around the world has been to continue employing bigger boats and more sophisticated methods to increase catches and maintain markets. As seen from table 3, Asia accounts for 85% of the number of decked vessels in operation, and about 62% of undecked vessels in 1992. In terms of capacity this represents a 129% increase in the GRT of decked vessels in Asia compared to a 91% increase in capacity of decked vessels for the world as a whole between 1970 and 1992. It appears that Asia may be making the same mistakes Europe, USSR, and North America have made with regard to overcapitalization in the fisheries.