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A significant milestone in global environmental policy was reached on September 15, as the World Trade Organization (WTO) officially implemented a landmark agreement aimed at combating overfishing. This agreement, known as the WTO Agreement on Fisheries Subsidies, requires participating countries to reduce subsidies that promote unsustainable fishing practices, a move intended to safeguard marine biodiversity and enhance global food security.
This agreement is notable for being the WTO’s first treaty focused specifically on environmental protection, as well as the first comprehensive multilateral accord dedicated to the preservation of the world’s oceans. The pact received final approval after Brazil, Kenya, Tonga, and Vietnam signed on, raising the total number of supporting nations to 112, surpassing the two-thirds majority needed from the WTO’s 166 member states. Major economies including China, the United States, and the European Union are among the signatories, though some countries, such as India and Indonesia, have yet to join.
The Pew Charitable Trust has highlighted the agreement’s potential impact on the approximately $22 billion in annual subsidies that contribute to overfishing. Under the new rules, certain subsidies tied to illegal fishing and overfished stocks will be restricted. Additionally, a dedicated “fish fund” will be established to assist developing nations in implementing these changes.
Currently, the agreement addresses subsidies associated with illegal fishing and those linked to already depleted fish stocks. A future phase aims to tackle subsidies that lead to an oversupply of industrial fishing vessels, which can exacerbate overfishing by incentivizing the construction of new fishing fleets.
The urgency of this initiative is underscored by alarming statistics from ocean conservation groups, which report that 38 percent of global fish stocks are currently overfished. The overcapacity of fishing fleets poses a severe threat to marine life and the livelihoods of millions who rely on fish for sustenance.
While the implementation of the fisheries agreement marks a historic advance in international cooperation to address overfishing, experts caution that it is merely a foundational step. The agreement is expected to lay the groundwork for future actions aimed at more comprehensively tackling the challenges posed by overfishing and ensuring the sustainability of global fish populations.
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