Context
India has formally accepted the WTO Agreement on Fisheries Subsidies, becoming a member of the global pact aimed at curbing harmful fisheries subsidies.
Explanation
- The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations.
- commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade(GATT) 1948.
- The WTO Agreement on Fisheries Subsidies was adopted by consensus at the 12th WTO Ministerial Conference (MC12), Geneva (2022) and is the first WTO agreement with an environmental sustainability objective.
- It prohibits subsidies to Illegal, Unreported and Unregulated (IUU) fishing, fishing of overfished stocks, and unauthorised fishing on the high seas outside a coastal state’s jurisdiction.
- The agreement applies to marine wild capture fisheries and fishing-related activities at sea; aquaculture (fish farming) is excluded.
- It contributes to Sustainable Development Goal (SDG) 14.6, which calls for eliminating harmful fisheries subsidies that contribute to overcapacity, overfishing and IUU fishing.
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WTO Fisheries Subsidies Agreement and India’s Trade Policy