This study examines the significance and problems of the Fourth Amendment to the Fisheries Act, which went into effect in January 2023. Following the passage of the Aquaculture Industry Development Act, the fourth amendment to the Fisheries Act sought to reform the fisheries legislative framework, while also including significant changes. In particular, a number of new systems for managing fishing gear have been implemented, and local governments now have some autonomy in fisheries management, which has allowed for adjustments to be made to meet the needs of the fishing industry and changes in socioeconomic situations. However, as independent legislation for each fisheries sector continues, the subject of regulation under the Fisheries Act, as well as the Act's position as a basic legal system, has been continuously reduced, overshadowing the Act's objective. As a result, a full-fledged assessment of changing the legislation's name in the future is required, as well as addressing issues such as the lack of difference in the legislative purpose clause and the necessity for further revision of the definition clause. Therefore, any future revisions to the Fisheries Act should aim to overhaul the existing framework, including fishing licenses and permits.

The domestic catch of squid is decreasing every year. Import volume is increasing to replace these domestic products. Import volume is expected to increase in the future, so it is necessary to study import substitution. Therefore, in this study, after selecting frozen squid, which accounts for the majority of imported squid, as the target fish species, China, Chile and Peru, which account for the majority of frozen squid imports, will be selected as the target countries for analysis. Then, the demand function of squid is estimated using the Rotterdam model, the inverse Rotterdam model, AIDS and inverse AIDS, which are the simultaneous equation demand types, and then elasticity is derived. After that, these models are compared in terms of significance, theoretical fit and practical fit.

This study is an analysis of the Aquaculture Industry Development Act that has recently been passed by the National Assembly. In order to improve the structural problem of Korea's aquaculture, a large revision of aquaculture related laws and regulations is needed. The enactment of Aquaculture Industry Development Act is necessary to that effect. It is adequate to aim for development as aquaculture industry not as aquaculture, to alleviate entry restriction of aquaculture, and to provision diverse promotion and support policies. However, it is a concern whether the current Aquaculture Industry Development Act can achieve its goal of enhancing the competitiveness of aquaculture and sustainability. Rather than to solve the problem, the act holds the possibility of further fixing or exacerbating the problem. So there is concern for side-effects after the enactment. This is due to the fact that it complicates terminologies by unnecessarily differentiating aquaculture related concepts from the existing Fisheries Act, lacks regulations regarding voluntary participation in aquaculture, and has limited methods to alleviate entry restriction. In addition, there are very few measures for the scale improvement of aquaculture along with the unlikeliness of a significant effect of the review and evaluation for re-licensing. Thus, the Aquaculture Industry Development Act should promptly be revised after its enactment.