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Context:
India is pushing for the use of a “per capita distribution of subsidies” criteria in order to discipline subsidies that result in overfishing and overcapacity under a World Trade Organisation (WTO) framework.
Highlights:
- India has brought a proposal before the WTO whose title reads, “Designing Disciplines for the Overcapacity and Overfishing Pillar: A Case for Intensity-based Subsidies Approach” for the purpose of disciplining overfishing and overcapacity caused by excessive subsidies.
- The said paper is scheduled for discussion at the General Council Meeting of the WTO in Geneva on December 16-17.
- An international organization with its headquarters in Geneva, Switzerland.
- Formation: 1 January 1995
- Director General: Ngozi Okonjo-Iweala
- Controls and promotes international trade.
- The World’s Largest International Economic Organization – 166 Members.
- Accounting for more than 98% of Global Trade and GDP.
World Trade Organization framework for addressing overfishing through the Agreement on Fisheries Subsidies
- Agreement on Fisheries Subsidies
- In June 2022, this agreement actually banned subsidies that were harmful to increasing sustainability in fishing.
- It was the first WTO agreement truly about the environment and the first one wholly meeting a Sustainable Development Goal (SDG).
- Negotiations for extended rules
- WTO members are negotiating for more comprehensive rules that can regulate all subsidies that would be responsible for overfishing and overcapacity.
