A Fisheries Partnership Agreement between the European Union (EU) and the Kingdom of Morocco will enter into force after Morocco's ratification, an EU statement said Tuesday.

The EU and Morocco had concluded the 4-year fisheries deal in December 2013, however its entry into force was pending ratification by Morocco.

Now that both sides have concluded their ratification procedure after a pause of more than two years, EU vessels will receive certain fishing rights in Moroccan waters, the statement said.

Under the agreement, fishing vessels from 11 EU countries will be allowed to fish in the waters of Morocco. The fishing possibilities have been increased by a third compared to the previous protocol.

In return, annual payment of 30 million euros (41.6 million U.S. dollars) will be paid by the EU as financial assistance to develop the Moroccan fishery sector.

The protocol also places a strong emphasis on environmental sustainability, economic profitability and international legality.

European Commissioner for Maritime Affairs and Fisheries, Maria Damanaki said, "I am glad that this protocol can finally enter into force. This new protocol is an example for responsible international fisheries governance."