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Politics

Japan Ditches Opposition to Fishing Subsidy Cuts, Marks Breakthrough in WTO Negotiations

Strategic Insights

— 1 min read

The World Trade Organisation (WTO) has witnessed a significant shift in negotiations on fishing subsidies, thanks to Japan's surprising about-turn. Previously opposed to curbs on subsidies, Japan has proposed a restricted list of prohibited subsidies that contribute to overcapacity of shipping fleets. This move has been welcomed by environmental groups, who see it as a major breakthrough in the talks. According to United Nations estimates, 75% of the world's major fisheries are either depleted or fished to the brink, with subsidies to the fishing industry totaling over $15 billion annually.

Key Takeaways:

  • Japan has dropped its opposition to curbs on fishing subsidies in the World Trade Organisation, marking a significant shift in the negotiations.
  • The Japanese proposal includes a restricted list of prohibited subsidies that contribute to overcapacity of shipping fleets.
  • The move has been welcomed by environmental groups, who see it as a major breakthrough in the talks.
  • The European Union, South Korea, Taiwan, and China have expressed support for Japan's new position.
  • The Japanese proposal is a contrast to the "blanket ban" on all subsidies proposed in April by New Zealand, a member of the group known as "Friends of Fish".
  • The fishing industry receives over $15 billion in subsidies annually, with 75% of the world's major fisheries being either depleted or fished to the brink.
  • WWF International has released its own blueprint for eliminating subsidies that drive overfishing.
  • The political dynamic of the talks has shifted significantly since the start of the Doha round in 2001, with Japan and the European Union among the biggest subsidisers.

Statistics:

  • 75% of the world's major fisheries are either depleted or fished to the brink (Source: United Nations).
  • $15 billion: The total annual subsidies to the fishing industry globally (Source: United Nations).
  • 20%: The percentage of industry revenue accounted for by subsidies (Source: United Nations).
  • $12.2 billion (€): The equivalent of $15 billion in subsidies in Euros (Source: Not specified).
  • $8.1 billion (GBP): The equivalent of $15 billion in subsidies in Pounds (Source: Not specified).

Sources:

  • www.panda.org/trade (WWF International).
  • United Nations (Not specified).

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