Question

Please answer, I’ll rate. Please original answers.

Describe some recent laws/ruling passed/implemented by either the WTO, World Bank, and IMF. What was the nature of the ruling, what country (s) were impacted and how? What has been the result both negative and positive?

Answer 1

There was a recent rule that was passed by WTO which focussed on intensifying negotiations on fisheries subsidies. Accordingly the rule called for prohibition of certain types or forms of subsidies which contributed to overcapacity and overfishing and few other subsidies were eliminated since they contributed to illegal, unreported and unregulated fishing. They also insisted on refraining from introducing any if the above type of subsidy by 2020.

All these rules were illustrated in Sustainable Development Goal Target 14.6

Fishing is one of the most lucrative business and fishes are available all year and worldwide for business. They also have a worldwide demand which will push any country into unregulated and overfishing.

The positive impact of this policy is to bring about a change in the aquatic ecosystem thereby ensuring a balance between fishing and marine life.

This rule will not have a negative impact since it is a regulatory rule. This will financially affect those countries which enjoyed subsidies which they generated due to overfishing and unregulated fishing.