Abstract

The overfishing and unsustainable use of fishing resulted in the adoption of the World Trade Organisation's Agreement on Fisheries Subsidies at the 12th Ministerial Conference in 2022 in Geneva, Switzerland. This represents a landmark multilateral effort to curtail overfishing and also to promote sustainable fishing, as mentioned in the Sustainable Development Goals. This paper analyses the evolution, key provisions of this Agreement and also the implications of the Agreement, which mainly focuses on the provision of illegal subsidies by the government that contribute to illegal, unreported and unregulated (IUU) fishing and also fishing activities at high seas. The paper examines the negotiations leading to the Agreement, highlighting the influence of United Nations Sustainable Goal No.14, which mentions the sustainable use of Life Below Water. Key Provisions of this fisheries agreement include the prohibition of the subsidies by the government which deal with IUU fishing, overfished stocks and also with high seas fishing. The Agreement implementation is beneficial to improve the quality of the global fishing trade, sustainable fishing and also protects food security by restricting the unfair practice of fishing. The paper aims to examine the World Trade Organisation's Agreement on Fisheries Subsidies and identify the area of improvement in the three main sectors, which include trade, development, and the environment. This will enhance the long-term sustainability in fishing and also benefit the vulnerable affected fishermen of poor countries, where the subsidies are not provided.

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