The ministers made the announcement late Friday after a meeting in Fredericton.
New Brunswick Fisheries Minister Michael Olscamp says the panel has been asked to take a close look at the industry, but to also recognize the differences in each province.
The panelists are: New Brunswick's Gilles Theriault, a longtime fishing consultant; Nova Scotia's John Hanlon, a retired manager with the federal Fisheries Department; and Prince Edward Island's Lewie Creed, a former provincial deputy minister of fisheries.
The ministers also agreed to work on marketing initiatives as well as reaching out to their counterparts in Newfoundland, Quebec, Maine and the federal government.
The panel's report is expected in September.