The United States was the first major fishing country to ratify a treaty to reduce subsidies that contribute to overfishing. The announcement was made on Twitter today by World Trade Organization (WTO) chief Ngozi Okonjo-Iweala. The agreement aims to reduce harmful subsidies that drain ocean life, Reuters reported. Last year, 164 members of the organisation signed the agreement.
Two-thirds of the members must sign
But for the agreement to enter into force, two-thirds of WTO members must sign it. So far, only a handful of smaller countries have accepted it. The United States ratified the agreement on Tuesday.
“I hope others will follow!” Okonjo-Iweala said. She added that other countries could join in a major WTO conference held in 2024 to discuss significant parts of the agreement.
Fisheries subsidies are estimated at $35.4 billion
Global fisheries subsidies are estimated at $35.4 billion (CZK 761 billion), according to a 2019 study published in Marine Policy. The top five subsidy providers are China, the European Union, the United States, South Korea and Japan. However, not all subsidies are considered harmful and fall under the scope of the WTO agreement.
Source: CTK
