US Reveals Plan to Cut Fishing Subsidies in Global Trade Talks

The United States recently initiated a plan to cut fishing subsidies by more than 50% in the Doha Development Round of Trade Talks. According to US officials, the plan to reduce almost all government subsidies to fishing industries was handed to the World Trade Organization (WTO). US Trade Representative Susan Schwab said that the global trade organization faced a great and historic chance to resolve a serious issue that could distort world trade and destroy the environment. It must be noted that the WTO is currently pushing for the successful conclusion of the global trade talks. The 14-page document is the first comprehensive proposal regarding the fishing industry that was offered by the United States in the negotiating table. The plan seeks to ban all state subsidies to "wild-capture fishing" that is considered to encourage excessive fishing. According to reports, the subsidies that would be banned include payments for fuel, ships, and fishing equipment. But the plan also seeks to exempt some subsidies like boat safety, boat buybacks, research programs, stock improvement, and policies governing such operations. The plan is the broadest offer regarding the fishing industry that was placed by the US in the on-going global trade talks. Oceania, which is an international environmental organization, stated that subsidies encouraged excessive fishing. It must be noted that overfishing is among the major environmental issues faced by the United Nations. In fact the UN estimates that about 52% of fish stocks are close to the maximum sustainable level. Meanwhile, 20% of such stocks are being over-exploited. Scientists and marine experts said that if overfishing continued, it would destroy seafood and fish population by 2048. Courtney Sakai, who is the campaign director of Oceania, said that removing fishing subsidies in the global trade talks was a good move to protect marine life, as well as the ocean. The removal of fishing subsidies is just one of the key issues being discussed in the on-going Doha Development Round of Trade Talks. If the plan materialized, it would reduce fishing subsidies by $20 billion. It must be noted that the members of the WTO are currently pushing for the completion of the global trade talks before the trade promotion authority of President George W. Bush ends in July this year. The TPA, which is vital to the Doha Round, enables the Bush administration to negotiate free trade agreements that must be approved or opposed by the US Congress without making any change. Source : http://www.tbc-world.com/