🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

UPDATE 1-U.S., 12 other countries pledge WTO talks to ban fishery subsidies

Published 2016-09-14, 05:46 p/m
© Reuters.  UPDATE 1-U.S., 12 other countries pledge WTO talks to ban fishery subsidies

(Adds data from EU fisheries study, news conference)

By David Lawder

WASHINGTON, Sept 14 (Reuters) - The United States and 12 other countries pledged on Wednesday to start World Trade Organization negotiations to ban fishery subsidies, particularly those that contribute to overfishing and overcapacity or are linked to illegal fishing.

The countries said in a joint statement issued on the eve of a major oceans conference in Washington that 31 percent of the world's fisheries were operating at biologically unsustainable levels, with 58 percent at maximum levels with no room to grow.

"Fisheries subsidies, estimated to be in the tens of billions of dollars annually, create significant distortions in global fish markets and are a major factor contributing to overfishing and overcapacity and the depletion of fisheries resources," the group said in the statement.

Besides the United States, the coalition includes Argentina, Australia, Canada, Chile, Colombia, New Zealand, Norway, Papua New Guinea, Peru, Singapore, Switzerland and Uruguay.

The WTO negotiations also will aim to strengthen the reporting and transparency of fishery subsidies.

U.S. Trade Representative Michael Froman said the coalition was trying to ensure the long-term sustainability of global fisheries, which support more than 50 million workers. Another 3 billion people rely on food from the ocean as a significant source of protein.

A European Union study in 2013 estimated that global fisheries subsidies totaled around $35 billion in 2009 dollars, with the EU as the top provider with more than $5.5 billion, followed by Japan, China and the United States, each with more than $4 billion. Russia provided about $2.3 billion, while Micronesia provided about $2 billion in fishery subsidies.

The bulk of the subsidies went to boost fishing capacity, including subsidies for fuel, vessel acquisition and refurbishment and fishing port construction and improvements, according to the study.

U.S. Trade Representative Michael Froman told a news conference that the "support group" of like-minded countries would work to assess which subsidies were "the most serious" and should be addressed first in the WTO, with the expectation that other countries would later join the effort.

Representatives of Japan, China and EU countries were not present at the news conference announcing the effort.

The Trans-Pacific Partnership trade deal, which has not been approved by the U.S. Congress and may not see a vote before President Barack Obama leaves office in January, includes a ban on fishery subsidies among its 12 member countries that target overfished stocks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.