On September 14, 2016 the United States Trade Representatives (USTR) along with 12 other World Trade Organization (WTO) members announced an initiative targeted at combating the illegal fishing market and overfishing by prohibiting harmful fisheries subsidies.
According to the joint statement released by the WTO members, “We are taking action with the goal of eliminating harmful subsidies, including those subsidies that contribute to overfishing and overcapacity, and subsidies linked to illegal, unreported and unregulated (IUU) fishing. We believe this initiative will result in significant trade, economic, development, and environmental benefits.”
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