Adopted at the WTO’s 12th Ministerial Conference in 2022, the Agreement entered into force once two-thirds of WTO members submitted their instruments of acceptance.
About WTO Agreement on Fisheries Subsidies
- It establishes binding rules for curbing harmful subsidies.
- It is the WTO's first multilateral agreement with environmental sustainability at its core.
- It will Support SDG 14 (Conserve and sustainably use the oceans, seas and marine resources).
- India did not join the agreement to protect subsidies for small fishers, safeguard livelihoods, ensuring food security, etc.
Key Features of Agreement
- Subsidies prohibited: Subsidies contributing to illegal, unreported and unregulated (IUU) fishing, regarding overfished stocks, fishing-related activities in the unregulated high seas etc.
- Members have to provide fisheries-related information.
- WTO Fish Fund: Assists developing and LDC members in implementing the Agreement.
- The Fund is supported by voluntary contributions from WTO members.
- Offers special and differential treatment to developing countries, though within the same overall framework of rules (proves certain flexibility in implementation).
Need of the Agreement
- In 2021, 35.5 % of global fish stocks were overfished compared with 10% in 1974.
- Governments spend about US$ 22 billion a year in subsidies to expand fishing capacity, contributing to overcapacity, overfishing, etc.
