This Convention establishes a regime of fisheries of a permanent character among the Contracting Parties. The Convention applies to the waters adjacent to the coasts of the Contracting Parties listed out in Annex I. Each Signatory Government recognizes the right of any other Contracting Party to establish the fishery regime defined by articles 2-6. In accordance with such regime, the coastal State has the exclusive right to fish as well as exclusive jurisdiction in matters of fisheries within the belt of six miles measured from the baseline of its territorial sea. On the other hand, within the belt between six and twelve miles from the baseline of the territorial sea, the fishing vessels of other Contracting Parties which have habitually fished in such belt from 1 January 1953 until 31 December 1962 shall be authorized to fish. Article 9 concerns the granting of the right to fish to fishermen of other Contracting Parties which are excluded from the above-mentioned belt. Article 13 designates arbitration as the mechanism intended for the settlement of any disputes which may arise relating to the interpretation and application of this Convention. The arbitration procedure is fully regulated by Annex II to the Convention.