Billions in fishing subsidies finance social, ecological harm, report finds

Date: July 7, 2021

Source: Mongabay

A new report found that the world’s top 10 fishing nations are spending billions of dollars on harmful fishing subsidies to not only exploit their own domestic waters, but to fish in the high seas and the waters of other nations.

Experts say these subsidies are propping up fishing industries that would not be viable without financial support, and contributing to overcapacity, overfishing, and illegal, unreported and unregulated (IUU) fishing.

The report also found that harmful fishing subsidies could also be leading to food security issues in some of the world’s least-developed countries where foreign fleets surpass domestic fleets in terms of subsidies and catches.

The issue of harmful fishing subsidies will be addressed at an upcoming meeting of the World Trade Organization (WTO) that will take place online on July 15 2021.

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