WTO hopes to net fish deal

GENEVA: The head of the World Trade Organization’s (WTOI fisheries talks voiced optimism on Tuesday about striking an agreement on limiting subsidies blamed for overcapacity and overfishing.

The 164 WTO members kicked off a month of negotiations this week at the global trade body’s headquarters in Geneva.

Iceland’s Ambassador Einar Gunnarsson, who is chairing the negotiations, told journalists he had “an increased sense of optimism that we will be able to deliver on our objective” of concluding the talks by the 13th WTO ministerial conference, which takes place from February 26-29 in Abu Dhabi.

“Overall, the positive tone and constructive spirit with which members engaged demonstrated their continued commitment to conclude the second wave of negotiations by MC13.”

He also said countries have agreed to negotiate on the basis of a draft text he issued in December.

The draft text is intended to help members reach agreement on a socalled clean text for submission to ministers in Abu Dhabi.

The text combines a list of subsidies contributing to overcapacity or overfishing, such as aid for building ships, as well as criteria requiring countries to show that measures are implemented to promote sustainable fish stocks.

The draft also includes a two-tier approach under which the largest subsidy providers would be subject to greater scrutiny.

Meanwhile, the least-developed countries, and developing countries whose share of the global fish catch does not exceed 0.8 percent, would not be subject to the same bans and restrictions.

At the previous WTO ministerial conference at its Geneva Headquarter in June 2022, countries reached a first agreement on fishing subsidies.

The agreement bans subsidies that contribute to fishing that is illegal, unreported or unregulated, or of overfished stock, but it stops short of banning subsidies that contribute to overfishing more broadly.

It also prohibits subsidies for fishing on the unregulated high seas.

However, some questions remained unresolved.

For the 2022 agreement to be implemented, two-thirds of the WTO’s 164 members must submit their “instruments of acceptance” with the organization.

Fifty-five members have so far done so, including the European Union, China, the United States, Canada, Australia and Chile.