WTO Trade Ministers "Efforts to Conclude Fisheries Subsidies Negotiations This Year"

Yoo Myung-hee, Director-General for Trade, Ministry of Trade, Industry and Energy [Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] Trade ministers of World Trade Organization (WTO) member countries have agreed to work together to finalize the fisheries subsidies negotiations within this year.

According to the Ministry of Trade, Industry and Energy on the 15th, Yoo Myung-hee, the chief trade negotiator, attended the WTO Trade Ministers' Meeting held via video conference in the afternoon and engaged in discussions related to the WTO fisheries subsidies negotiations.

The WTO fisheries subsidies negotiations have been ongoing since 2001 with the aim of ensuring the sustainability of marine ecosystems and protecting fishery resources. The discussions focus on regulating subsidies that cause illegal, unreported, and unregulated (IUU) fishing and overfishing of fishery resources.

At the meeting, trade ministers from 164 WTO member countries confirmed their commitment to concluding the fisheries subsidies negotiations. They also agreed on the necessity of finalizing the negotiations within the year as a key outcome of the WTO Ministerial Conference.

Furthermore, they reached a consensus to balance and coordinate differing views among countries on remaining issues, such as the scope of support for developing countries related to fisheries subsidies.

At the meeting, Chief Negotiator Yoo emphasized that the fisheries subsidies negotiations have continued for the past 20 years to ensure the sustainability of global fishery resources. She also added that since the negotiations are the only ones involving all WTO member countries, their conclusion would signal the restoration of the multilateral trade order.

The WTO Ministerial Conference, the highest decision-making body of the WTO, will hold its 12th meeting from November 30 to December 3. Although usually held every two years, the conference has not been held since the 11th meeting in 2017 due to the COVID-19 situation.

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