Reducing the Impact of Subsidies on Fishing Activity: Advances and Challenges

Abstract

This brief presents the evolution of global efforts aimed at curbing harmful fisheries subsidies since 2001, when the World Trade Organization (WTO) was entrusted with the task of facilitating an agreement among nations to address this issue. The journey has been lengthy and intricate, culminating in the groundbreaking global agreement reached in June 2022 to eliminate subsidies fueling overfishing. While securing this agreement is commendable, there remains substantial work ahead. Primarily, WTO members acknowledge that the June 2022 agreement represents just the initial step, and negotiations persist to fortify its foundations. Furthermore, any such agreement, including the one from June 2022, requires ratification by two-thirds of member states. Yet, the pace of ratification for the recently approved agreement has been slower than anticipated. Following ratification, the next significant challenge and opportunity lie in implementing the agreement. This task necessitates collective efforts from civil society, businesses, governments, and crucially, the engagement of concerned citizens worldwide.