Why in News? Small-scale fishers from around the world had expressed significant concerns about the current World Trade Organisation (WTO) proposed text on fisheries subsidies.

What’s in Today’s Article?

• Depletion of the World’s Fish Stocks
• What is the WTO Agreement on Fisheries Subsidies?
• Concerns Regarding the Fisheries Subsidies Agreement Raised by Many LDCs and Developing Countries
• Way Ahead to Resolve Issues with the Fisheries Subsidies Agreement

Depletion of the World’s Fish Stocks:

• As per the figures shared by the WTO, an estimated 37.7% of the world's fish stocks are overfished now, compared to 10% in 1974.
• $35 billion of government funding is allotted to fishing, of which an estimated $22 billion goes towards increasing the amount of fishing that is not sustainable.
• Among the main subsidisers are China, the EU, the US, South Korea and Japan.
• However, the government of India estimates that each fisher family receives less than $15 in subsidies per year.

What is the WTO Agreement on Fisheries Subsidies?

• Adopted at the 12th Ministerial Conference (MC12) in 2022, it marks a major step forward for ocean sustainability.
• It prohibits harmful fisheries subsidies, which are contributing to overcapacity and over fishing and are a key factor in the widespread depletion of the world’s fish stocks.
• The Agreement represents a historic achievement for the membership as -
  • The first Sustainable Development Goal (SDG) target to be fully met,
  • The first SDG target met through a multilateral agreement,
  • The first WTO agreement to focus on the environment,
  • The first broad, binding, multilateral agreement on ocean sustainability, and
  • Only the second agreement reached at the WTO since its inception.
• For the Agreement to become operational, two-thirds of members have to deposit their “instruments of acceptance” with the WTO.

Concerns Regarding the Fisheries Subsidies Agreement Raised by India:

• Discriminates against poorer countries:
  • India draws attention to important gaps that could support unsustainable fishing practices, especially by large-scale industrial fishing nations.
  • For example, the sustainability exemption clause in the proposed text allowed advanced fishing countries with better monitoring and notification capabilities to avoid commitments to cut harmful subsidies.
  • However, it placed strict restrictions on small-scale fishers, especially those in developing nations.
• Differential treatment provisions:
  • The proposed special and differential treatment provisions for small-scale fishers are considered inadequate.
  • They are of non-industrial characteristics, which do not address the core issue of industrial fishing.

Way Ahead to Resolve Issues with the Fisheries Subsidies Agreement:

• Large-scale industrial fishing fleets engaged in deep-sea fishing should be adequately restrained by subsidies for the fishing industry.
• Small players hoping to increase their fishing capacity should not be deterred by the support that many developing nations and least developed countries (LDCs) have provided.
• In general, small-scale fishers are demanding stronger support for sustainable small-scale fishing methods as well as more effective ways to reduce industrial fishing subsidies.