GENEVA, SWITZERLAND (RFD-TV) — The World Trade Organization (WTO) Agreement on Fisheries Subsidies has officially entered into force after receiving ratification from more than two-thirds of its members, including the United States.
WTO leaders said the pact is the first multilateral trade deal focused directly on sustainability, aimed at curbing practices that deplete fish populations and distort global markets. The agreement bans subsidies that support illegal, unreported, and unregulated fishing, as well as subsidies for fishing on overfished stocks or in unregulated high seas.
For U.S. aquaculture and seafood producers, the new rules could level the playing field by reducing competition from countries that previously subsidized harmful fishing activities.
The agreement also introduces stronger transparency requirements, allowing nations to challenge unfair subsidy programs more easily. While benefits may flow to domestic producers, the shift could also affect wild-caught fisheries that supply U.S. processors, potentially influencing costs and availability.
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Two more key developments in ag law and taxation from 2023, a crackdown on biodiesel fraud and developments in self-employment taxation (#7 and #6), are the topic of today’s Firm to Farm blog post, the second in a series by RFD-TV agri-legal expert Roger McEowen.
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