Kuwait Formally Accepts Agreement on Fisheries Subsidies
WTO, 26 July 2023
Kuwait has formally accepted the Agreement on Fisheries Subsidies, becoming the 13th WTO member to do so. The agreement, which entered into force on 26 June 2023, aims to prohibit subsidies that contribute to overfishing and overcapacity and to eliminate subsidies that contribute to illegal, unreported, and unregulated (IUU) fishing.
The agreement is a landmark achievement for the WTO and for global fisheries management. It is the first multilateral agreement to address fisheries subsidies, and it is expected to have a significant impact on the global fishing industry.
The agreement prohibits subsidies that contribute to overfishing and overcapacity, such as subsidies for fuel, fishing gear, and vessel construction. It also prohibits subsidies that contribute to IUU fishing, such as subsidies for vessels that are not registered or that are operating in areas where they are not authorized to fish.
The agreement includes a number of exceptions and special provisions for developing countries and least-developed countries. For example, developing countries are given more time to implement the agreement, and they are allowed to provide subsidies for certain types of fishing that are important for their food security and economic development.
The agreement is expected to have a significant impact on the global fishing industry. It is estimated that the agreement will reduce global fish stocks by up to 10% and increase the value of the global fish catch by up to $20 billion per year.
The agreement is also expected to have a positive impact on the environment. By reducing overfishing and IUU fishing, the agreement will help to protect marine ecosystems and ensure the sustainability of fish stocks for future generations.
Kuwait’s acceptance of the agreement is a significant step forward for the WTO and for global fisheries management. It is a sign of Kuwait’s commitment to sustainable fishing practices and to the rules-based multilateral trading system.
Kuwait formally accepts Agreement on Fisheries Subsidies
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