After nearly 25 years of negotiations, the World Trade Organization (WTO) finally has its first legally binding agreement to tackle government fisheries subsidies. After two-thirds of WTO members ratified the Agreement on Fisheries Subsidies, the deal has entered into force. It marks a long-overdue step toward addressing the role harmful fisheries subsidies play in overfishing.
Fisheries subsidies can cause harm by distorting markets and creating unequal competition — so-called “trade injuries.” In addition, they can cause ecological harm by increasing the capacity of fishing vessels and fleets. The result is overcapacity: too many boats chasing too few fish, which often leads to overfishing.
When WTO talks on fisheries subsidies began in 2001, fish populations were already in decline. Today, 38 per cent of fish stocks are overfished, and a further 50 per cent are fully exploited. That means most of the world’s fisheries are being fished at or beyond their biological limits.
