The new post-Brexit trade deal will give the Isle of Man control of its waters and protect local industry.
That's according to Chief Minister, Howard Quayle MHK, after it was announced on Christmas Eve the UK and EU had secured an agreement for when Britain leaves the European Union.
Mr Quayle adds it will also 'put sustainability at the heart of stocks'.
As part of the deal to secure the Free Trade Agreement, the Isle of Man has agreed that a limited amount of fishing by European boats can continue.