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News: Recently, Director-General Ngozi Okonjo-Iweala received the instruments of acceptance of the Agreement from Brazil, Kenya, Vietnam, and Tonga, raising the total number of acceptances beyond the two-thirds threshold of WTO members required for the Agreement to enter into force.
About WTO Agreement on Fisheries Subsidies
| About | - It establishes new, binding, multilateral rules for curbing harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks.
- Under the agreement, the WTO Fish Fund has been established to provide technical assistance and capacity-building support to developing and least-developed countries for implementing the Agreement.
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| Adopted at | WTO’s 12th Ministerial Conference on 17 June 2022 |
| Aim | To protect marine life, restore fish stocks, and safeguard the livelihoods of communities dependent on fisheries. |
| Goals of the agreement | The Agreement will:- prohibit harmful fisheries subsidies to protect peoples’ livelihoods and promote food security.
- reinforce the multilateral trading system.
- take into account the needs of developing and least-developed country (LDC) members.
- support the sustainable future of our shared oceans.
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| Subsidies that are prohibited under the Agreement | - Subsidies contributing to illegal, unreported and unregulated (IUU) fishing
- Subsidies regarding overfished stocks
- Subsidies for fishing or fishing-related activities in the unregulated high seas
- Members must take special care and exercise restraint when subsidizing vessels under other flags or activities involving fish stocks of unknown status.
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| Oversight and Compliance | A Committee on Fisheries Subsidies will be set up to:- oversee the Agreement’s implementation
- facilitate ongoing dialogue on members’ fishing activities and subsidies
- enhance transparency regarding government practices.
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| Significance | - Curbs Overfishing: Tackles harmful subsidies fuelling overcapacity and depletion of fish stocks.
- Fights IUU Losses: Addresses illegal, unreported and unregulated fishing causing up to US$50 billion losses yearly.
- Protects Livelihoods: Safeguards small-scale fishers and coastal communities worldwide.
- Redirects Resources: Channels funds from harmful subsidies to sustainable fisheries management.
- Promotes Equity: Reduces unfair advantages of large fleets and supports developing and least-developed countries.
- Strengthens Sustainability: Builds a global framework for responsible, transparent fishing practices.
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| India’s stake | India is in the process of ratifying the World Trade Organization (WTO) Agreement on Fisheries Subsidies. |
