Fish stocks are poorly managed and overfished. There are ‘too many boats trying to catch too few fish’ yet, despite this clear overcapacity, governments still grant at least US$30 billion a year in fisheries subsidies. About 60% of these subsidies directly encourage unsustainable practices.
High seas fishing is not equitable. Only fishers from those countries that can afford to subsidise their fleets with public funds can fish in these remote ocean areas; poor countries are excluded. Vessels need to consume huge amounts of fuel in order to travel to the high seas to fish. Fuel subsidies (which generally take the form of tax exemptions) amount to 30% of government fisheries spending. Most high seas fishing is carried out by just 10 nations, most of them developed countries. If it were not for State subsidies, these high seas fishing industries would not be financially viable.
Despite repeated international commitments over the last decade, negotiations under the World Trade Organization have failed to reach an agreement on fisheries subsidies.
The Global Ocean Commission is calling for three major steps:
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Full transparency – countries should disclose and account for all their public spending in the fisheries sector;
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The international community should reach agreement on the classification of different subsidies and clearly identify those that are harmful.
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States should agree to immediately cap fuel subsidies for high seas fisheries, and to eliminate them within five years.