WTO AGREEMENT ON FISHERIES SUBSIDIES

Current Context: The WTO Agreement on Fisheries Subsidies has recently come into force, becoming the first multilateral trade agreement with environmental sustainability at its core.

ABOUT THE AGREEMENT

• Adopted at: 12^th WTO Ministerial Conference (MC12), Geneva in 2022.
• Purpose: To protect marine life and stop overexploitation of fish stocks
• Key Provisions:
  • Prohibits subsidies that support Illegal, Unreported and Unregulated (IUU) fishing
  • Prohibits subsidies for fishing activities targeting overfished stocks
  • Covers fishing in high seas not under any Regional Fisheries Management Organisation

IMPLEMENTATION MEASURES

• WTO Fish Fund:
  • Established to help developing and least developed countries (LDCs)
  • Provides technical assistance and capacity building
  • 17 members pledged over USD 18 million
• Monitoring:
  • A Committee on Fisheries Subsidies will be formed
  • Members must report their subsidy programmes, fish stock levels, and conservation measures