A landmark bilateral agreement between the United States and Russia to combat illegal, unreported, and unregulated (IUU) fishing was signed Friday in Portland, Oregon, after years in the making.

The agreement aims to improve coordination among the multiple government agencies in both countries that need to work together to address IUU fishing, the US State Department said in announcing the deal.

A new white paper, released by Frequentz and the Alaska Bering Sea Crabbers (ABSC), an industry group representing more than 70 percent of the Bering Sea/Aleutian Islands (BSAI) harvesters, suggests the United States lost an estimated $600 million (€543.4