The World Trade Organization (WTO) announced that a historic agreement restricting billions of dollars in annual overfishing subsidies has entered into force. This agreement, reached in 2022, officially came into effect on Monday after receiving the necessary majority approval from Brazil, Kenya, Tonga, and Vietnam.
Under the new rules, governments will no longer be able to provide subsidies for overfished stocks or fleets fishing outside their legal jurisdiction in international waters. In addition, developing countries could receive support from a fund during this transition period.
“Fish stocks will have a chance to recover, which will be a huge win for local fishermen who depend on healthy oceans,” said Megan Jungwiwattanaporn of Pew Charitable Trusts.
Approximately $35.4 billion is distributed in fishing subsidies worldwide each year. China, the European Union, the United States, South Korea, and Japan are among the countries providing the most incentives.
According to the WTO, this agreement is the product of more than 20 years of negotiations and will expire if more comprehensive rules are not adopted within four years. Director-General Ngozi Okonjo-Iweala recently stated that she is “optimistic” and that the agreement could become permanent.
