GENEVA, June 17, 2022 – IISD congratulates members of the World Trade Organization (WTO) for successfully concluding negotiations on a new treaty to reduce harmful fisheries subsidies. The agreement marks a crucial step in the evolution of global fisheries towards long-term sustainability and in multilateral efforts to tackle subsidies that harm the natural environment and the well-being of vulnerable communities.

Fisheries support the livelihoods of millions of people, including some of the world’s poorest, who depend on marine resources for food and income. But the global fishing fleet is far too large for the size of the resource it exploits; according to some estimates, it is 2.5 times greater than what would be needed to fish sustainably. The final treaty reached in Geneva aims to ensure that support for often vulnerable fishing communities does not compromise the sustainability of the resources on which they depend.

The agreement prohibits subsidies to vessels and operators engaged in illegal, unreported or unregulated (IUU) fishing and establishes new rules for subsidies for fishing already overfished stocks. It also prohibits subsidies for fishing stocks on the high seas that are not managed by regional bodies. The treaty contains certain flexibilities for developing country members of the WTO, known as special and differential treatment.

“This agreement is important because it will force governments to think critically about their subsidy policies and how they interact with efforts to manage natural resources sustainably,” said Alice Tipping, Sustainable Trade Manager at the IISD.

Fisheries negotiations at the WTO began in 2001. In recent years, the talks have gained new momentum, in part thanks to the adoption in 2015 by UN member states of a specific target in the framework of the broader Sustainable Development Goals, as well as large-scale civil society campaigns. such as the Stop Funding Overfishing coalition, of which IISD is a key partner.

“IISD is honored to be part of the community that has supported these negotiations for many years and we are delighted to see the agreement now concluded,” said Richard Florizone, President and CEO of IISD. “We look forward to working with WTO members so that they can ratify and implement this agreement quickly, for the benefit of global fisheries and the communities that depend on them.”