The main objectives of the Commission are to adopt and coordinate plans and measures relevant to conservation, preservation and the rational exploitation of living resources and to protect the maritime environment in the Common Fishing Zone. To comply with its objectives the Commission compiles fishery statistics from its members. At present landing of some 80 species are registered out of which 20 % are shark and ray species. The Commission also coordinates research plans of the member Parties, promotes joint stock assessments and based on the principles of the Code of Conduct for Responsible Fisheries, it establishes regulatory management measures.

The Terms of Reference for the Commission are defined in Article 80 of the Agreement, and expounded in Article 82. The Commission is responsible for conducting studies and adopting and coordinating plans and measures for the conservation, preservation and rational exploitation of living resources and the protection of the marine environment of the Common Fishing Zone. CTMFM meets monthly in Plenary Sessions. The main tasks of the Commission are undertaken by four sub-commissions: Living Resources, Environmental, Legal and Administrative Issues. The Commission gets scientific advice from the National Fishery Laboratories and academics of both Parties. Experts from both countries form Working Groups that meet periodically to jointly advise on fishery resources, and different environmental issues.