NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

WTO urged to spin off fishing pact to protect seas

Published 12/01/2009, 03:36 PM
Updated 12/01/2009, 03:39 PM

* World Bank says fisheries exploitation costs $50 bln/year

* Fisheries deal could be spun out from Doha Round

By Jason Rhodes

GENEVA, Dec 1 (Reuters) - Marine scientists warned the World Trade Organisation on Tuesday that the world's seas were in peril and called for a new WTO deal to discourage over-fishing.

"The health of the world's oceans is hanging in the balance," they said in a letter to WTO chief Pascal Lamy, citing World Bank estimates that $50 billion a year is lost globally to poor fisheries governance and over-exploitation.

Subsidies of the fishing sector are an often-overlooked target of the WTO's Doha Round, which would slash government aid programmes for nearly all farmed and manufactured goods.

As part of that global accord, which has met some resistance from nearly all the WTO's 153 members, countries are seeking ways to reduce incentives to use polluting fuel and deplete vulnerable fish stocks.

Oceana, a lobby group based in the United States, said on Tuesday a potential fisheries agreement could be spun out from the Doha agenda, which requires full consensus across all politically sensitive negotiating areas to be clinched.

"I think the fisheries negotiations are one of few issues that have made steady progress in the Doha Round," Oceana's Courtney Sakai said, suggesting success in fishing could provide a model for trade talks in other areas such as clean fuels.

"The world's fish need a WTO deal, not necessarily a Doha deal, and soon," she said. The soonest a Doha deal could be clinched is next year, but doubts are growing about whether that 2010 goal is achievable.

Oceana estimates that 63 percent of fish stocks worldwide require rebuilding, while more than 1 billion people depend on fish as a key source of protein.

Countries such as China, Japan and South Korea have been reluctant to cut their support for industrial fishing fleets and many developing countries with subsistence fishermen such as India are also wary.

Moustapha Kamal of the U.N. Environment Programme said a fisheries deal might be relatively easy to clinch.

"We are of the view that fisheries are not the deal breaker," he said, telling a conference that lower subsidies and better management could put the industry on a sustainable track.

The World Wildlife Fund's Aimee Gonzalez said assistance for the fishing sector should come in the form of education, not cash to dangerously boost production. "If you can subsidise fisheries production, surely you can subsidise fisheries management instead," she said. (Additional reporting by Jonathan Lynn, editing by Laura MacInnis) ((jason.rhodes@thomsonreuters.com; +41 58 306 7312; Reuters Messaging: jason.rhodes.reuters.com@reuters.com))

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.