World Trade Organisation Agreement on Fisheries Subsidies
The WTO agreement aimed at reducing overfishing came into effect on Monday. This agreement mandates countries to cut down subsidies to fishing fleets to ensure the sustainability of marine wildlife.
Key Features
- Objective: Limit the depletion of fish stocks caused by excessive fishing.
- Significance: First multilateral agreement by the WTO focusing on ocean sustainability and the environment.
- Adoption: Took effect after approval from 112 countries, just above the required two-thirds of the WTO's 166 members.
Participating and Non-participating Countries
- Signatories: China, the United States, the European Union's 27-member states.
- Holdouts: India and Indonesia.
Financial and Environmental Impact
- Subsidy Reduction: The agreement will regulate some of the USD 22 billion in global subsidies that encourage the depletion of fish stocks.
- Implementation Support: A "fish fund" will be created to assist developing countries in implementing the agreement.
Current and Future Aspects
- Current Focus: The current phase targets subsidies for illegal fishing and overfished stocks.
- Pending Phase: Awaiting finalization, the second phase will address subsidies that enhance overcapacity in the large-scale fishing industry.
Experts' Opinions
- Overfishing Concerns: Experts note that fish populations have been declining, with 38% of global stocks overfished.
- Long-term Vision: The agreement is seen as a foundation needing further development to effectively combat overfishing and overcapacity.
