Chapter 1: Fisheries Subsidies and Current Regulations under International Law

Abstract

Due to the negative impact that fisheries subsidies have on trade, the environment and sustainable development, there is an urgent need to regulate fisheries subsidies. However, current legal frameworks are ineffective at regulating fisheries subsidies. Depletion of fish stocks can lead to permanent changes in the dynamics of the marine ecosystem as well as to the extinction of some fish species and the economic devastation of the communities whose livelihoods depend on healthy fisheries. These resources are non-renewable if not properly managed. In spite of work done by intergovernmental organizations on this front, progress to date has been insufficient to control fisheries subsidies. This Chapter looks into the nature of fisheries subsidies. It then examines to what extent current regulations under international law can be applied to fisheries subsidies and demonstrates why new legislation is required.