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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.
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.
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.
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.
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.
India’s stake
India is in the process of ratifying the World Trade Organization (WTO) Agreement on Fisheries Subsidies.
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