Peru has had a major victory with a United Nations court decision in the Hague, Netherlands, which established new maritime boundaries between Chile and Peru, reports international media.

The entire area used to be owned by Chile, but now Peru has access to an area beyond 80 nautical miles off the coast.

However, the court did not recognize all of Peru?s requests for the 37,900-square meter area of Pacific Ocean controlled by Chile, considering the  International Court of Justice respected the limits claimed from Chile within the first 80 maritime miles.

This goes against Peru?s argument that the maritime boundary line be drawn at the same angle with the border line between Peru and Chile, as shown in map by  El Comercio.

This difference created a zone of dispute of about 38,000 square kilometers, which have been under Chilean sovereignty until now, while Peru tried to claim them as their own.

According to Chile, the border established before the Hague decision was signed by Peru, Chile and Ecuador in a declaration from 1952 and then in a temporary commercial agreement reached in 1954, however Peru did not recognize those treaties.

Besides a geopolitical conflict, the issue is directly linked to the operations of Chile?s largest fishing group, Corpesca, as up to 30% of the company?s business could be wiped out of its balance sheet, according to its own estimates, now that the  ruling has gone mostly in favor of Peru.

As Undercurrent News reported before, the region in dispute brings fishing company Corpesca ? part of the large Chilean conglomerates Angelini and Copec ? 80% of between 270,000 and 320,000 metric tons of anchovy quota per year.

< Other report: http://www.thenewstribune.com/2014/01/27/3014157/world-court-draws-new-peru-chile.html>