News

South Korea: Interested in WTO agricultural and fisheries subsidy negotiations

Seafood
South Korea
Regulation & Compliances
Innovation & Technology
Published Feb 29, 2024

Tridge summary

The 13th World Trade Organization (WTO) Ministerial Meeting in Abu Dhabi discussed the future of Korea's agricultural and fisheries subsidy policies, with potential bans on subsidies for illegal fishing or overfished species. As one of the top 10 countries providing the most fisheries subsidies, Korea may face strict obligations. The global fisheries industry is moving towards sustainable development, and Korea needs to adapt. The meeting also discussed reducing agricultural subsidies and tariffs. The article highlights the need for countries like Korea, with an aging agricultural sector and labor shortages, to prepare for potential reductions in subsidies or tariffs to maintain domestic agricultural policies. Despite diminished trust in the WTO, it remains a key global entity overseeing agricultural trade and fisheries subsidies.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Jingyo Seo, Director of GS&J Institute In line with the global trend, we must reclassify fisheries resources management standards and prepare for WTO strict notification regulations. In the agricultural sector, our country's future promises must be fulfilled by developed countries, not developing countries. The 13th World Trade Organization (WTO) Ministerial Meeting was held in Abu Dhabi, the capital of the United Arab Emirates, from the 26th to the 29th of last month. Although the WTO multilateral negotiations have fallen out of the public's attention, we cannot help but pay attention to the recent WTO multilateral negotiations in the agriculture and fisheries sector. This is because the future operation of Korea's agricultural and fisheries subsidy policies may be affected by the results of this negotiation. Of course, no negative effects are visible right now. However, regardless of the world's interest, the WTO agricultural negotiations and fisheries subsidy negotiations are ...
Source: Aflnews
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