Prelims: Current events of national and international importance | Economy
Why in News?
Recently, India deposited its Instrument of Acceptance of the WTO Agreement on Fisheries Subsidies (AFS), becoming the 123rd WTO member to join.
- Objective – To promote conservation and sustainable use of marine resources, prevent overexploitation, and discipline harmful subsidies supporting large industrial fleets.
Key Features of the Agreement
- Scope – Applies to marine wild capture fishing and related activities at sea.
- Exclusions – Aquaculture and inland fisheries remain outside its ambit.
- Prohibitions – Prohibits support linked to Illegal, Unreported, and Unregulated (IUU) fishing and overfished stocks.
- Sustainability objective – Marks the first multilateral WTO agreement with an explicit environmental sustainability objective.
Significance for India
- Small‑Scale Fishers – Safeguards livelihoods of traditional and small‑scale fishing communities.
- Seafood Exports – Enhances India’s credibility as a responsible seafood exporter, improving access to premium markets valuing sustainability and traceability.
- Shrimp Exports – India’s aquaculture‑based shrimp exports remain outside scope, ensuring resilience and competitiveness.
- Global Equity – Benefits countries like India that are not major industrial fishing nations, by disciplining distant‑water fleets.
Reference
The Hindu | WTO Agreement
