Japanese negotiators agreed to eliminate driftnet fishing for salmon in the North Pacific Ocean by the end of 1992. The Japanese high seas fishing fleet for salmon had been an economically valuable yet environmentally destructive operation for four decades. The Japanese government progressively phased out lucrative Japanese salmon fishing operations in the North Pacific, apparently capitulating to U.S. pressure. No U.S. enforcement with punitive sanctions proved necessary, however. Specific characteristics of the international market created the possibility of an environmentally benign international agreement. International integration of the market for fisheries products was made possible by the high market value of salmon in the United States and in Japan. In the 1970s, foreign direct investment from vertically integrated, Tokyo‐based fishing firms into canning and processing operations in Alaska and the Pacific Northwest facilitated U.S. Japanese agreement. The high existence (nonuse) value of marine mammals in the United States was also an important factor.