Atlantic halibut is found in waters from east of Newfoundland to the northeastern United States. Most of the stock is found in Canadian fisheries waters, with a small percentage of the stock also found within the French Maritime Zone off the coast of St. Pierre and Miquelon. The Government of Canada recognizes the importance of this stock, both to Canadian and French fisheries.

Minister of Fisheries, Oceans and the Canadian Coast Guard, the Honorable Diane Lebouthillier, announced that following several months of recent negotiations, Canada has reached an agreement with France (in respect of St. Pierre and Miquelon) on a sharing arrangement for Atlantic halibut.

The agreement, reached on September 20, 2024, will allow French harvesters from St. Pierre and Miquelon to catch 3 percent of the total allowable catch set by Canada. This allocation will allow for measured growth of the St. Pierre and Miquelon Atlantic halibut fishery, while also providing benefits for Canadian coastal communities through French landings of Atlantic halibut in Canadian ports. This agreement supports the health and sustainability of the Atlantic halibut stock and recognizes the importance of this fishery to coastal communities in Atlantic Canada, as well as the significant investments made by Canada and its fishing industry in the development and management of the fishery.

Since 2016, Canada has been working with France to reach an agreement on quota sharing for Atlantic halibut, with officials from Fisheries and Oceans Canada leading the negotiations.