South Korea’s Ministry of Trade, Industry, and Energy announced on Tuesday the formal acceptance of an agreement by the World Trade Organization (WTO) aimed at banning subsidies for illegal fishing. The agreement focuses on prohibiting subsidies that contribute to overfishing and other illegal, unregulated fishing practices, with the overarching goal of ensuring the sustainability of fish stocks and the fishing industry.
With South Korea’s approval, the total number of WTO members formally endorsing the rule has now reached 51, constituting 46 percent of the necessary support required for the agreement to take effect, according to the Geneva-based organization.
The Ministry emphasized the potential impact of the multilateral rule, stating, “Once implemented, the rule will curb harmful subsidies that may lead to the depletion of global fisheries resources and contribute to the sustainable use of maritime resources.” It further highlighted the rule’s significance in addressing the issue of illegal and overfishing by foreign vessels in South Korea’s nearby waters.
This development marks a positive step toward international cooperation in tackling the threats posed by illegal fishing and underscores a commitment to the responsible and sustainable use of marine resources.