WTO Faces Challenges in Combating Overfishing Crisis

The recent Ministerial Conference of the World Trade Organization faced challenges in reaching an agreement on limiting harmful fisheries subsidies. Despite efforts, only about 70 out of 166 members had formally accepted the deal, falling short of the required two-thirds majority. However, pursuing a plurilateral agreement could still make a significant impact in addressing the overfishing crisis. Research suggests that information sharing, enforcement mechanisms, and fines can play vital roles in reducing illegal fishing activities and preserving marine life. While reaching a multilateral agreement remains difficult, pursuing a plurilateral deal could prevent further depletion of global fisheries stocks.