WTO Fisheries Subsidies Deal Enters Into Force

WTO Fisheries Subsidies Deal Enters Into Force
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The World Trade Organization (WTO)’s landmark Agreement on Fisheries Subsidies has officially entered into force, marking a major milestone in global efforts to promote environmental sustainability and curb practices that contribute to overfishing, Anadolu Agency reported.

This agreement, which is the first WTO multilateral trade pact with environmental sustainability at its core, took effect after being ratified by 111 of its member nations—the two-thirds threshold required for it to become legally binding.

The deal, which was the culmination of over two decades of negotiations, prohibits government subsidies that support illegal, unreported, and unregulated (IUU) fishing. It also bans subsidies for fishing of overfished stocks where no measures are in place to rebuild them, as well as for unregulated fishing on the high seas.

According to a WTO statement, the agreement commits members to curbing billions of dollars in harmful subsidies that contribute to the depletion of marine resources. WTO Director-General Ngozi Okonjo-Iweala hailed the achievement as “a landmark for global trade governance.” The entry into force also activates the WTO Fish Fund, which will provide financial and technical assistance to developing and least developed countries to help them implement the new rules.

With this initial agreement now in effect, WTO members have committed to continuing negotiations to finalize a second set of rules to address subsidies that contribute to overcapacity and overfishing. These additional rules must be concluded within four years to avoid the expiration of the current agreement.