S. Korea, WTO member states vow efforts to expedite deal on fisheries subsidies

SEOUL-- South Korean Trade Minister Yoo Myung-hee and her counterparts from other World Trade Organization (WTO) member states agreed Thursday to redouble efforts to reach a deal this year on banning subsidies for illegal fishing, her office said.

During the ministerial meeting held via teleconference, the ministers shared the need to advance drawn-out negotiations meant to curb subsidies to harmful fisheries, and agreed to work harder to narrow their differences on key issues to clinch a deal within this year, according to the trade ministry.

The 164 WTO member states are negotiating rules on prohibiting subsidies that contribute to overfishing and other illegal, unregulated fishing so as to ensure the sustainability of fish stocks and the industry.

Talks for the deal began in 2001, but they have yet to reach an agreement due to a range of issues, such as special treatment for developing and underdeveloped nations.

Source: Yonhap News Agency

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