This trade deal ends support for overfishing to help rebuild ocean health

The WTO Agreement on Fisheries Subsidies is the first binding set of global rules designed to curb subsidies that fuel overfishing, threatening the health of the ocean. While subsidies, used responsibly, can support livelihoods and encourage sustainable practices, governments still spend around $22 billion each year on harmful subsidies that enable illegal fishing and depleting overfished stocks. The deal, brokered by the World Trade Organization, has been decades in the making. Here, Santiago Wills talks through its implications, and who is set to benefit. Wills is a member of the World Economic Forum’s Friends of Ocean Action, a community that convenes leaders from business, academia and NGOs to accelerate progress toward a healthier ocean.