FISH SUBSIDIES REDUCTION HITS OPPOSITION
Efforts by the United States and subsidy issue partners (Iceland, Philippines, Ecuador, Peru, Chile, Australia, and New Zealand) in the WTO to reduce fisheries subsidies are losing momentum in the face of stiff resistance by some key players. The view that subsidies have led to over-fishing is being strongly opposed by Japan and South Korea, which provide significant subsidies to their national fisheries. By some estimates, subsidies account for as much as 20 to 25 per cent of revenues generated in the sector. Of course, coastal developing countries that rely on the fishery sector as a foreign exchange earner are unable to compete with the treasuries of the major subsidisers.
Both the European Union and Canada have made mild noises in support of their Korean and Japanese allies who argue that the WTO is not the appropriate forum for addressing fisheries issues. Not surprising, fisheries subsidies in the North Atlantic are estimated from OECD data at US$2 billion to $2.5 billion annually. Accordingly, there remains the prospect that one or more leading opponents will attempt to argue the principle of accounting for non-trade concerns in the fisheries sector.
For background documents related to fisheries subsidies, see SEATTLE TO DOHA: In Search Of A New Round.
ISSN 1492-7187, TRADE POLICY MONITOR, May-June 2002,
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