Australian tuna fishers have welcomed an agreement to limit catches of southern blue fin tuna.

Australia, Indonesia, Japan, Korea, New Zealand and Taiwan have agreed to limit the annual catch of southern blue fin tuna to 14,040 tonnes, in order to stabilise the tuna industry.

A total allowable catch system for tuna was abandoned six years ago, after Japan did not comply with the quota system, reported ABC News.

"It's a great result, it's the best result we've had in 15 years in these meetings," president of the Tuna Boat Owners Association of Australia, Brian Jeffriess, was quoted by ABC as saying.

Australia will have a total allowable catch of just over 5,000 tonnes.