Meeting for the first time in Latin America, the World Trade Organization’s 11th Ministerial Conference will take place in Buenos Aires from 10-13 December. Central to this year’s talks will be an international deal to curb harmful fishing subsidies. These are government payments or tax breaks that contribute to overcapacity, overfishing and illegal fishing (IUU) globally.
World Trade Organization members, including Argentina and Uruguay, have agreed on the need to reduce fishing subsidies so as to contribute to the conservation of fishing resources worldwide. This decision was taken because WTO is convinced that fisheries subsidies contribute to economic losses in the fisheries sector, leaving serious impact on food security and livelihoods, particularly in developing countries, Star Business Report reported.