ISLAMABAD: Pakistan has accepted the World Trade Organisation (WTO)’s Fisheries Subsidy Agreement, becoming the 94th country to have signed it.
The move, supported by Special Investment Facilitation Corporation (SFIC), is believed to have a gradual transformative impact on Pakistan’s economy. The agreement is set to benefit the country in more ways than one, including improved fish stocks and decreased illegal fishing activity.
The Fisheries Subsidy Agreement will also enable the protection of marine resources and sustainable development.
It will also enable Pakistan to conform to the international norms and improve the competitiveness of the fish produce globally. Pakistan would get a chance to have increased exports through the modernisation of the industry.
The agreement presents a fantastic opportunity for the Pakistani fishing industry to gain technical help and financial backing, allowing it to compete globally while also protecting its marine ecosystems.
Potential & challenges
Pakistan’s fisheries sector, with a coastline stretching over 1,000 kilometers, has a crucial impact on the economy, providing jobs for millions in coastal areas. The sector yields more than 800,000 metric tonnes of fish each year, making a big contribution to GDP and exports to Middle Eastern and other Asian nations.
Yet, the industry faces problems like overfishing, illegal fishing, and harm to the environment. Harmful methods such as trawling and using dynamite to fish have reduced fish stocks and harmed marine habitats.
Illegal, unreported, and unregulated fishing makes the situation further worse, putting fish populations at risk and undermining efforts to manage resources. Moreover, coastal ecosystems are declining because of pollution, climate change, and coastal development, which affect marine species and biodiversity.
The WTO Fisheries Subsidy Agreement would help address these issues. The agreement aims at ending subsidies that lead to overfishing. It encourages sustainable fishing practices and helps protect marine biodiversity by cutting harmful subsidies that promote overfishing.
