WTO's Landmark Agreement on Overfishing Subsidies Activated

Geneva, Sep 15 (AP) A pivotal World Trade Organization agreement targeting the reduction of overfishing subsidies officially came into force on Monday. This accord mandates countries to curtail financial aid extended to fishing fleets and strives to promote the sustainability of marine wildlife worldwide.

After receiving numerous national approvals, the WTO Agreement on Fisheries Subsidies is poised to play an instrumental role in mitigating the depletion of fish stocks due to rampant overfishing. This initiative stands as the WTO’s inaugural environmental accord and the premier comprehensive, binding multilateral agreement centered on ocean conservation.

The agreement, spearheaded by WTO Director-General Ngozi Okonjo-Iweala, was activated following its adoption by four additional countries—Brazil, Kenya, Tonga, and Vietnam. In doing so, it reached the threshold, with 112 countries endorsing it, just surpassing the requirement that at least two-thirds of the WTO's 166 members must ratify it.

Notable signatories include China, the United States, and all 27 member states of the European Union. However, key nations like India and Indonesia remain abstinent.

The Pew Charitable Trust, an influential advocacy group, notes that the agreement will compel countries to curb a portion of the global USD 22 billion in subsidies that incentivize fishing practices detrimental to fish stocks. Additionally, it will introduce a “fish fund” to aid developing countries in adhering to the accord.

Currently, only a segment of the agreement—addressing subsidies tied to illegal fishing and overutilized stocks—has been enacted. Still in the works is a segment targeting subsidies that bolster overcapacity within the large-scale fishing sector, such as those for constructing new vessels.

The significance of finalizing the second segment lies in its economic rationale; the greater the number of ships available for fishing, the lower the operational costs, encouraging large-scale operations that could further strain global fish populations.

Experts are optimistic that the initial approval will generate momentum for the advancement of the second segment. Oceana, a leading ocean conservation advocacy organization, underscores the gravity of the situation, noting that fish populations had shown declines due to overfishing over a generation ago. Presently, about 38 per cent of global stocks are overfished.

“Without fish, it's game over for the hundreds of millions of people who depend on the ocean,” emphasized Rashid Sumaila, an Oceana board member and head of the Fisheries Economics Research Unit at the University of British Columbia.

He acknowledged that while the first phase of the agreement “won't stop the billions in subsidies that fuel overfishing and overcapacity,” he deemed it a vital foundation upon which further progress must be built.

(AP) GRS GRS