Brussels: The European Union has expressed its approval for the activation of the World Trade Organization’s (WTO) Agreement on Fisheries Subsidies, a significant achievement following two decades of rigorous international negotiations. This development marks a critical advancement in the global initiative to safeguard ocean health, targeting the eradication of detrimental fisheries subsidies to ensure a robust marine ecosystem for posterity.
According to Cyprus News Agency, this agreement introduces legally binding measures aimed at curtailing overfishing, fostering sustainable fishing practices, and enhancing conditions for coastal communities worldwide. These commitments align with the objectives outlined in the European Ocean Pact, which underscores the EU’s dedication to ocean conservation.
The agreement’s implementation also triggers the WTO Fish Fund, designed to support developing and least developed nations in embracing the agreement’s provisions, thereby enhancing sustainability and delivering benefits to fishing communities globally. The EU and its Member States stand as the principal contributors to this fund.
Aligned with the UN Sustainable Development Goal 14.6, the Agreement enforces a ban on subsidies that fuel illegal, unregulated, and unreported (IUU) fishing, alongside introducing unprecedented transparency measures. Additionally, it prohibits subsidies for fishing activities in unregulated high seas-areas particularly vulnerable due to the absence of coordinated management frameworks. Further provisions will establish sustainability guidelines for subsidies impacting the most overfished and vulnerable stocks, promoting a more sustainable fisheries management approach.
The EU remains steadfast in its commitment to addressing harmful fisheries subsidies on a global scale, advocating for the negotiation of supplementary provisions to enhance this initial agreement.
Next steps involve WTO Members integrating these new multilateral rules into their domestic fisheries subsidies frameworks. To ensure compliance, Members are required to submit detailed notifications for review by the newly established WTO Committee on Fisheries Subsidies.
Currently, 111 WTO Members have accepted the agreement, with the EU urging remaining Members, particularly major fishing nations, to swiftly adopt the agreement to broaden its benefits.