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China Ratifies WTO Agreement to Cut Fishery Subsidies, But…

China has formally accepted an agreement to cut state subsidies for the fisheries sector but two thirds of the WTO’s 164 members must ratify the deal before it comes into force


China has ratified the WTO agreement to cut subsidies to its fishing vessels, but more states now need to endorse the WTO deal before it can take effect.
China has the world's largest deepwater fishing fleet by far, with nearly 3,000 ships. Beijing has ratified the WTO agreement to cut subsidies to its vessels, but many more states now need to endorse the WTO deal before it can take effect. File photo: AFP.

 

China – which has the world’s biggest fishing fleet – has formally accepted an agreement to cut state subsidies for the fisheries sector.

The World Trade Organization said on Tuesday China had agreed to a deal struck by WTO members last year.

Under a rare global deal to update trade rules struck a year ago, the WTO’s 164 members agreed to work towards eliminating billions of dollars in “harmful” subsidies that are emptying the oceans of fish.

However, two thirds of the members must ratify the deal in order for it to take effect and some clauses have not yet been finalised.

 

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The WTO website showed that only 11 countries have so far formally accepted it, although that includes European Union members.

“As the world leader in marine fish catch, China’s support for the implementation of this agreement is critical to multilateral efforts to safeguard oceans, food security, and livelihoods,” WTO director-general Ngozi Okonjo-Iweala said in a statement at the World Economic Forum’s 14th Annual Meeting of the New Champions in northern China’s Tianjin city.

China’s Commerce Minister Wang Wentao said the country would “work with all members to push the agreement to enter into force” and work on the second phase of negotiations “in a positive and constructive manner”.

Global subsidies are estimated at $35.4 billion, according to a 2019 study published in Marine Policy.

The top five subsidisers are China, the EU, the United States, South Korea and Japan, it said, although not all of them are considered “harmful” and are within the scope of the WTO deal.

 

  • Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.