WTO members and their leaders at the World Ocean Summit, March , 2024.
Members of the World Trade Organization(WTO) continue to submit Acceptance of Agreement on Fisheries Subsidies.
This Agreement on Fisheries Subsidies was adopted by WTO members at the 12th Ministerial Conference in June, 2022.
However, for the effectiveness of this Agreement, two-thirds of WTO members must formally accept the Protocol of the Agreement on Fisheries Subsidies by depositing an ’instrument of acceptance’ with the WTO.
According to the organisation’s standard model, once the agreement becomes effective the Protocol will remain open for acceptance and will take effect as soon as a member deposits its instrument of acceptance with the WTO.
Significance of the Acceptance of Agreement on Fisheries Subsidies for WTO member countries.
Acceptance of this historic Agreement on Fisheries Subsidies will mark a significant step towards promoting sustainable fishing practices and safeguarding marine ecosystems for all member countries of WTO.
By accepting this agreement, member countries are committing to curbing harmful subsidies that contribute to overfishing and the depletion of ocean resources.
The implications and the potential benefits of the Agreement on Fisheries Subsidies for global fisheries management:
The Agreement on Fisheries Subsidies holds immense importance in the realm of international trade and environmental conservation.
It aims to address the ‘detrimental effects of fisheries subsidies’ on the world’s oceans and marine life. The unsustainable exploitation of fish stocks due to excessive subsidies has led to severe ecological imbalances and economic repercussions for coastal communities reliant on fishing.
One of the primary objectives of this agreement is to eliminate subsidies that contribute to overcapacity and overfishing, thereby promoting sustainable fishing practices.
This underscores the collective commitment to combating the adverse impact of fisheries subsidies.
Key provisions of the WTO Agreement include strong regulations on certain types of subsidies that contribute to overfishing. It also emphasises the need for developing countries to be supported in transitioning away from harmful subsidies, ensuring that they can continue to benefit from their marine resources sustainably.
The role of subsidies in promoting sustainable fishing practices cannot be overemphasised. When directed towards enhancing the efficiency and sustainability of fishing operations, subsidies can play a pivotal role in preserving marine ecosystems while supporting the livelihoods of fishing communities.
However, the economic implications of the Agreement on Fisheries Subsidies are quite significant, because it requires a restructuring of existing subsidy programs and a shift towards more sustainable fishing activities.
While this transition may pose challenges, the long-term benefits in terms of ecosystem preservation and fisheries productivity outweigh the initial adjustments.
What experts Suggest:
Global cooperation and information sharing will be essential to address potential loopholes and to hold non-compliant nations accountable.
Achieving compliance with the Agreement on Fisheries Subsidies will not only restore the health of oceans but also contribute to food security, economic stability, and the preservation of marine biodiversity.
The public reaction and support for this Agreement signify a growing awareness of the urgent need to address overfishing and the depletion of ocean resources.
Moving forward, the successful implementation of this Agreement offers hope for the restoration and responsible utilisation of the world’s oceans.
