FISHERIES SUBSIDIES AT 'WTO'
1. Context
Trade experts and civil society members are urging India not to ratify the fisheries subsidies agreement recently agreed upon by the World Trade Organization (WTO) members
2. What is Fisheries subsidies Agreement at WTO?
- The Fisheries Subsidies Agreement is an international agreement negotiated within the framework of the World Trade Organization (WTO).
- Its primary objective is to address the issue of harmful fisheries subsidies that contribute to overfishing, depletion of fish stocks, and the degradation of marine ecosystems.
- The negotiations for the agreement began in 2001 as part of the Doha Development Agenda, and it has been a significant topic in subsequent WTO Ministerial Conferences.
- The goal of the agreement is to create disciplines and regulations on fisheries subsidies to promote sustainable fishing practices and support the conservation of marine resources
3.Key features
- The Fisheries Subsidies Agreement at the World Trade Organization (WTO) is a landmark agreement that sets new binding, multilateral rules to curb harmful fisheries subsidies. The agreement was adopted by consensus at the WTO's 12th Ministerial Conference (MC12) on 17 June 2022.
- The agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas.
- It also establishes a new funding mechanism to provide technical assistance and capacity building to developing country members to help them implement the agreement
Here are some of the key provisions of the Fisheries Subsidies Agreement:
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- Prohibition of harmful subsidies: The agreement prohibits subsidies that contribute to IUU fishing, overfishing, and fishing on the unregulated high seas.
- Establishment of a funding mechanism: The agreement establishes a new funding mechanism to provide technical assistance and capacity building to developing country members to help them implement the agreement.
- Review and improvement: The agreement provides for a review after five years to assess its effectiveness and to consider further improvements.
4. Advantages
- The agreement is a major step forward in the fight to protect the world's oceans and marine resources.
- It is estimated that harmful fisheries subsidies contribute to the overfishing of at least 30% of the world's fish stocks.
- The agreement is expected to help reduce overfishing and improve the sustainability of fisheries around the world
- The agreement is also expected to have a positive impact on the livelihoods of millions of people who depend on fishing for their food and income. It is estimated that the agreement could generate an additional $50 billion in economic benefits for developing countries over the next decade
- The agreement is a significant achievement for the WTO and for the global community. It is a clear demonstration of the power of multilateral cooperation to address global challenges.
- The agreement is expected to play a major role in protecting the world's oceans and marine resources for future generations
5. Way forward
The Fisheries Subsidies Agreement is a major step forward in the fight to protect the world's oceans and marine resources. It is a clear demonstration of the power of multilateral cooperation to address global challenges. The agreement is expected to play a major role in protecting the world's oceans and marine resources for future generations
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For Prelims: WTO, Subsidies, Fisheries Agreements
For Mains: 1.Critically analyze the role of the World Trade Organization (WTO) in promoting global trade and resolving trade disputes. What are the challenges faced by the WTO in the current global economic scenario?
2.Discuss the objectives and functions of the Dispute Settlement Body (DSB) in the World Trade Organization (WTO). How does the dispute settlement mechanism enhance the credibility of the multilateral trading system?
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Previous Yer Questions
1.In the Context of which of the following do you sometimes find the terms 'amber box, blue box and green tax' in the news? (UPSC CSE 2016)
A. WTO Affairs
B. SAARC affairs
C. UNFCC affairs
D. India-EU negotions on FTA
Answer-A
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Source: Economic Times
