Fisheries Subsidies Ban Possible... WTO 12th Ministerial Conference to be Held on the 30th

[Sejong=Asia Economy Reporter Kwon Haeyoung] The '12th WTO Ministerial Conference' (MC-12), attended by trade ministers from 164 World Trade Organization (WTO) member countries, will be held on the 30th in Geneva, Switzerland.

According to the Ministry of Trade, Industry and Energy on the 16th, the conference, which will be held until the 4th of next month, will be attended by a delegation composed of related ministries such as the Ministry of Strategy and Finance, the Ministry of Agriculture, Food and Rural Affairs, and the Ministry of Oceans and Fisheries, with Yeohangu, the chief negotiator of trade, as the chief representative. The WTO Ministerial Conference, which first started in Singapore in 1996, is the highest decision-making body within the WTO and is held every two years, but due to the COVID-19 pandemic, the 2019 meeting was postponed, making this the first meeting in four years.

At this meeting, the issue of 'fisheries subsidies,' which began discussions in 2001 and is still ongoing, is expected to be a major agenda item. Aiming to protect global fishery resources that are on the brink of depletion, the agenda includes ▲ prohibition of subsidies for illegal fishing ▲ restrictions on subsidies for overfished species ▲ restrictions on subsidies that cause overfishing. There are significant differences in views among member countries regarding this agenda.

Developing countries argue that subsidies are essential as a means of livelihood for fishermen, while developed countries raise their voices for prohibition, citing the depletion of global fishery species.

Domestically, opinions are divided between environmental groups and the fisheries industry on this issue. The domestic fisheries industry is concerned that the prohibition of fisheries subsidies will eventually lead to a reduction in subsidies such as tax-exempt fuel for fishing vessels.

Our delegation's position is to strive for results that practically contribute to the protection of fishery resources while minimizing the impact on the domestic fisheries industry.

Additionally, WTO-level COVID-19 response measures, such as ways to activate trade in essential items like vaccines and treatments, will also be discussed. The Ministry of Trade, Industry and Energy explained that the main discussion topics include enhancing transparency of COVID-19 related measures and promoting smooth trade of vaccines and treatments.

One of the agenda items is the waiver of intellectual property rights related to COVID-19 vaccines, treatments, diagnostic kits, and protective equipment, proposed last October by India and South Africa to rapidly expand the production of COVID-19 health products. The purpose is to allow developing countries to produce these health products by exempting intellectual property rights. However, there are significant disagreements on fundamental issues such as whether intellectual property rights are a major barrier to production expansion and how to define the scope of the IP waiver.

Our government plans to approach the WTO discussions constructively, stating that intellectual property rights should be respected in principle but exceptions are necessary in exceptional circumstances.

Other major agenda items include the 'Domestic Regulation on Services' agreement aimed at increasing transparency of domestic regulations in the service sector to prevent trade barriers, contribution plans of the 'Trade and Environmental Sustainability Structured Discussions' (TESSED), formed last November by about 50 countries to introduce sustainable trade and environmental regulations into the WTO, and a roadmap for reform progress after MC-12 under the consensus on the need for WTO reform.

This content was produced with the assistance of AI translation services.