PORTLAND, Maine -- The United States and Canada have brokered a deal to share what's left of the dwindling North American cod fishing business in the Atlantic next year.

Both countries fish for cod, an important food fish that has declined in population following overfishing and warming ocean temperatures. The two fisheries overlap in the eastern reaches of Georges Bank, an important fishing area located off of New England.

The countries have agreed to set the total allowable catch at 730 metric tons next year. The U.S. will be allowed to take 146 metric tons and Canada will get the rest.

The agreement represents an 8 metric ton increase for the U.S. and a 96 metric ton increase for Canada. A regional fishing council approved the agreement for the U.S. on Wednesday.