GENEVA, Switzerland: The man leading negotiations on fisheries at the World Trade Organization (WTO) called on Monday on countries to compromise in order to finalize a deal at next week's ministerial conference in Abu Dhabi. After striking an agreement in 2022, which banned subsidies contributing to illegal, undeclared and unregulated fishing, the WTO hopes to conclude a second deal, this time focusing on subsidies which fuel overcapacity and overfishing. The WTO can only take decisions if there is consensus among all of its 164 members. According to many diplomats, the success of the 13th WTO ministerial conference, being held from February 26-29, will depend heavily on concluding a deal on fisheries. Unlike other WTO agreements which aim to lift trade barriers or counter trade distortions, this text just like the 2022 agreement forms part of the United Nations' sustainable development goals.

Source: Manila Times February 21, 2024 04:32 UTC