This paper analyses the extent to which specialisation gains can be achieved by liberalising access to fishing quotas within the European Union (EU). Fishing quotas are today exchanged between EU member states at a rate of 4% of total turnover in EU fisheries. Germany, Belgium, Denmark and the Netherlands are the most active. Only one fourth of these exchanges are permanent. With the management systems in EU fisheries differing among countries, comparative advantages in fisheries exist in member states with the best management practices. Hence, although positive but small specialisation gains exist in EU fisheries today, these gains might potentially be increased by liberalising access to fishing quotas and allowing transferability of quotas between individuals from different countries on a permanent basis. Increasing the gains might, however, affect relative stability.