A new ban will be introduced as part of the ‘Fisheries Agreement’, after members of the World Trade Organization battled for a deal over the course of the last two decades. The deal aims to curb fishing subsidies and reduce global overfishing.
The agreement will help to ban subsidies to illegal, unreported and unregulated fishing. It will also restrict subsidies for stocks that are already overfished.
It is hoped that these bans will help to boost declining fishing stocks and protect those whose livelihoods depend on the trade. In addition, it also aims to help to preserve the world’s oceans, and rebuild fish stock back up to a ‘biologically sustainable level’.
While there is still work to be done in terms of banning the most harmful subsidies, it is certainly a step in the right direction to help the fishing industry become more sustainable.
In Singapore, the rise of urban fish farms have been helping to keep up with rising consumer demand as the population grows. Even better, it is also done sustainably, meaning that it is not having a harmful impact on the environment when compared with traditional fishing methods.