GENEVA (AP) – A significant World Trade Organization (WTO) agreement aimed at combating overfishing officially took effect on Monday. The new regulations stipulate that countries must reduce subsidies given to fishing fleets, with the ultimate goal of ensuring the sustainability of marine wildlife across the globe’s seas and oceans.
This agreement, known as the WTO Agreement on Fisheries Subsidies, emerged following nearly four years of national approvals subsequent to its adoption. It is geared towards mitigating the severe depletion of fish stocks that has resulted from excessive fishing practices. The Geneva-based trade organization emphasizes that this is the first agreement focused primarily on environmental concerns and represents the first comprehensive and legally binding multilateral arrangement dedicated to ocean sustainability.
The deal was strongly advocated by WTO Director-General Ngozi Okonjo-Iweala, with its formal enactment occurring after Brazil, Kenya, Tonga, and Vietnam became the latest countries to adopt it. With these new approvals, a total of 112 countries are now signatories, surpassing the minimum requirement of two-thirds of the WTO’s 166 members for formal acceptance.
Notably, major global players such as China, the United States, and the 27 member states of the European Union are among those that have endorsed the agreement. However, significant nations such as India and Indonesia have refrained from joining the initiative.
The Pew Charitable Trusts, a renowned advocacy organization, comments that the agreement mandates countries to decrease a portion of the approximately $22 billion in subsidies that encourage detrimental fishing practices leading to the depletion of fish stocks. Furthermore, the agreement proposes the establishment of a “fish fund” to assist developing countries in adhering to its terms.
It is essential to note that currently, only a segment of the agreement has been implemented. This section addresses subsidies linked to illegal fishing activities and overfished stocks. Conversely, the second segment—which focuses on subsidies that contribute to overcapacity within the industrial fishing sector, particularly those facilitating shipbuilding—has yet to be finalized.
The economic implications of the second part are critical; as the capacity of global fleets to fish increases (due to more ships), the costs associated with those ships decrease. This trend makes large-scale fishing more economically attractive, thereby exacerbating the risks to global fish populations.
Experts remain hopeful that the implementation of the first part of the agreement will generate momentum for the completion of the second part. Oceana, a leading organization committed to ocean conservation, highlights that fish populations have been declining due to overfishing for over a generation. The current state of affairs is “even more dire,” with approximately 38% of global fish stocks classified as overfished.
Rashid Sumaila, an Oceana board member and head of the Fisheries Economics Research Unit at the University of British Columbia, asserts, “Without fish, it’s game over for the hundreds of millions of people who depend on the ocean.” He further points out that while the initial phase of the deal “won’t stop the billions in subsidies that fuel overfishing and overcapacity,” it lays a crucial groundwork that requires further development.
