President Reagan on Friday signed into law a measure that for the first time requires commercial fishing vessels to carry life rafts and other emergency equipment. The signing caps a three-year campaign for approval of safety regulations for an industry whose safety record is the worst in the United States. Rep. John Miller, R-Wash., who attended the private signing ceremony and was one of the original sponsors of the measure, said Reagan called it a ``good bill that will save lives.'' The measure requires that commercial fishing vessels carry life rafts, survival suits, emergency transmitters and medical supplies. Among the leading proponents of the legislation were Robert and Peggy Barry, whose son Peter drowned when a 70-year-old fishing vessel from Seattle sank off Alaska in the summer of 1985. The vessel did not carry life rafts, radio equipment or survival suits, and investigators concluded the ship should not have been at sea. ``The fact the bill was finally signed into law is a great relief to all of us who have lost relatives or friends in the fishing industry,'' said Robert Barry. He said more needs to be done, including manadatory inspections on a regular basis, licensing of operators and training of crews. An average of about 80 fishermen die annually in accidents involving commercial fishing vessels, according to Coast Guard statistics. Rep. Mike Lowry, D-Wash., said the rate of accidental deaths for commercial fishermen is twice that of miners, whose occupation is the second most hazardous.