Pakistan has recently become a signatory to the World Trade Organization’s (WTO) Fisheries Subsidy Agreement, marking a significant step towards promoting sustainable fishing practices within the country. This move aligns with global efforts to regulate fisheries subsidies that contribute to overfishing and the depletion of marine resources.
The agreement aims to eliminate harmful subsidies that lead to overcapacity and overfishing, ensuring the long-term sustainability of fish stocks worldwide. By joining this initiative, Pakistan commits to reforming its fisheries sector, enhancing the livelihoods of local fishing communities, and contributing to global marine conservation efforts.
This development complements Pakistan’s ongoing initiatives to boost its fisheries and aquaculture industries. For instance, the Trade Development Authority of Pakistan (TDAP), in collaboration with the Fisheries Development Board and Marine Fisheries Department, has been actively working on strategies to unlock the full potential of Pakistan’s aquaculture industry.
Furthermore, Pakistan has been engaging in international collaborations to enhance its fisheries sector. A notable example is the $64 million agreement signed during the Pakistan-China Business-to-Business Investment Meeting on Fisheries, aimed at fostering joint ventures and partnerships between Pakistani and Chinese companies.
By adhering to the WTO Fisheries Subsidy Agreement, Pakistan not only strengthens its commitment to sustainable development but also positions itself to benefit from improved fishery management practices, potentially leading to increased exports and economic growth in the sector.
