Extended jurisdiction through unilateral action or the Third Law of the Sea Conference has created a demand for and supply of fishery resources used by distant water fleets. This paper is a description of the theoretical characteristics of the developing market for fishery resources used by distant water fleets. The requirements of the Fishery Conservation and Management Act of 1976, P.L. 94-265, on setting fees to be charged foreign countries are discussed. Consideration to productivity and costs of production needs to be given in setting fee schedules.