Showing flexibility, India has submitted a fresh proposal on capping fisheries subsidies at the World Trade Organisation (WTO). The approach also signals a move away from its earlier demand seeking exemption for all developing countries from the prohibition of subsidies to vessels.
As per the revised proposal, large-scale industrial fishing vessels and larger developing countries meeting criteria such as per capita gross national income of over $5000 may not be exempted from the prohibition, a Geneva-based trade official told BusinessLine.
“At a recent meeting on fisheries, India stated that its revised proposal shows flexibility to move forward and conclude negotiations by June this year at the Kazakhstan Ministerial meeting of the WTO,” the official said. India’s proposal was a revision of its earlier one made in June 2019.
In its earlier proposal, India had sought exemption for all developing countries and Least Developed Countries (LDCs) from the prohibition