BRUSSELS, Nov 13 (Reuter) - The European Union and Morocco

initialled a new four-year fisheries agreement on Monday that

will allow mainly Spanish fishing vessels to return to Moroccan

fishing grounds, a European Commission spokesman said.

EU Fisheries Commissioner Emma Bonino will comment on the

agreement at a news conference here at 1700/1600 GMT.

Since Morocco scrapped the previous accord at the end of

April, around 700 EU fishing vessels have been tied up in ports

in southern Spain, the Canary islands and Portugal with up to

40,000 fishing industry jobs put at risk.

On Saturday the EU and Morocco concluded a new trade and

cooperation agreement allowing the fisheries deal to be tied up

following a political compromise struck on October 13.

The last major sticking point was the length of rest periods

to allow shrimp stocks to recover.

Under the new agreement, the EU will reduce fishing in

Moroccan waters and will land part of its catch in Moroccan

ports.

Although the European Commission, which negotiates on behalf

of the 15-nation bloc, declined to give details, other sources

said the EU would reduce catches of squid and octopus by 40

percent, of shrimps by between 30 and 34 percent and of sardines

by 20 percent.

EU vessels would land 30 percent of their squid and octopus

catches in Moroccan ports by the end of the fourth year.

The EU would pay compensation of $162 million a year in

return for fishing rights, compared with $135 million under the

previous three-year accord.