Tags: GS-3, Economy – Growth & Development-\u00a0 Fisheries Subsidies<\/strong>\u00a0<\/p><\/blockquote>\n\n\n\n<\/span>Why in the News?<\/strong> <\/span><\/h3>\n\n\n\n- Recently,Small-scale fishers had expressed significant concerns about the current World Trade Organisation (WTO) proposed text on fisheries subsidies. <\/li><\/ul>\n\n\n\n
<\/span>Depletion of the World\u2019s Fish Stocks:<\/strong> <\/span><\/h3>\n\n\n\n- The WTO, an estimated 37.7% of the world’s fish stocks are overfished now<\/strong>, compared to 10% in 1974.\u00a0<\/li>
- $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.\u00a0<\/li>
- Among the main subsidies are China, the EU, the US, South Korea and Japan.\u00a0<\/li>
- The government of India <\/strong>estimates that each fisher family receives less than $15 in subsidies per year.\u00a0<\/li><\/ul>\n\n\n\n
<\/span>What is the WTO Agreement on Fisheries Subsidies?<\/strong> <\/span><\/h3>\n\n\n\n- Adopted at the 12th Ministerial Conference (MC12) in 2022<\/strong>, it marks a major step forward for ocean sustainability.\u00a0<\/li>
- It prohibits harmful fisheries subsidies<\/strong>, which are contributing to overcapacity and over fishing and are a key factor in the widespread depletion of the world\u2019s fish stocks.\u00a0<\/li>
- The Agreement represents a historic achievement<\/strong> for the membership as –\u00a0
- The first Sustainable Development Goal (SDG) target to be fully met,\u00a0<\/li>
- The first SDG target met through a multilateral agreement,\u00a0<\/li>
- The first WTO agreement to focus on the environment,\u00a0<\/li>
- The first broad, binding, multilateral agreement on ocean sustainability, and\u00a0<\/li>
- Only the second agreement reached at the WTO since its inception.\u00a0<\/li><\/ul><\/li>
- For the Agreement to become operational<\/strong>, two-thirds of members have to deposit their \u201cinstruments of acceptance\u201d with the WTO.\u00a0<\/li><\/ul>\n\n\n\n
<\/span>Concerns Regarding the Fisheries Subsidies Agreement Raised by India:<\/strong>\u00a0<\/span><\/h3>\n\n\n\n- Discriminates against poorer countries:<\/strong>\u00a0
- India draws attention to important gaps<\/strong> that could support unsustainable fishing practices, especially by large-scale industrial fishing nations.\u00a0<\/li>
- For example,<\/strong> the proposed text allowed advanced fishing countries with better monitoring and notification capabilities to avoid commitments to cut harmful subsidies.\u00a0<\/li><\/ul><\/li>
- Differential treatment provisions:<\/strong>\u00a0
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