WTO Agreement on Fisheries Subsidies

The World Trade Organization (WTO) has introduced an agreement to curb overfishing by regulating subsidies provided to fishing fleets, which officially took effect recently.

Purpose and Importance

• Designed to limit the depletion of fish stocks caused by excessive fishing.
• Marks the WTO's first major deal focusing on environmental sustainability, specifically ocean conservation.
• Aims to prevent overfishing and promote sustainable fishing practices globally.

Approval and Adoption

• A total of 112 countries have accepted the agreement, surpassing the two-thirds requirement of the WTO's 166 members.
• Key signatories include China, the United States, and the European Union's 27 member states.
• India and Indonesia have yet to sign on.

Impact and Provisions

• Aims to reduce some of the USD 22 billion in global subsidies that contribute to overfishing.
• Introduces a "fish fund" to assist developing countries in implementing the agreement.
• Currently, only provisions addressing subsidies for illegal fishing and overfished stocks are in effect.
• The second part, focusing on subsidies that increase overcapacity, such as shipbuilding subsidies, is still pending.

Challenges and Future Prospects

Experts emphasize the need for full implementation to effectively combat overfishing:

• Overfishing has already led to a decline in fish populations, with approximately 38% of global stocks overfished.
• The pending second part is crucial for addressing overcapacity and reducing the appeal of large-scale fishing.
• Advocacy groups like Oceana stress the need for the agreement to evolve beyond its current scope to tackle the root causes of overfishing.