Fisheries subsidies
have been part of the negotiating history of the World Trade Organization (WTO)
since 2001, with an Agreement on Fisheries Subsidies (AFS) being reached in
2022 and entering into force in 2025. The agreement is historic from the points
of view of fisheries sustainability and the WTO as a multilateral institution
governing trade, but it does contain a few significant weaknesses. This article
considers the background to the agreement and its negotiation history. It then
reviews the agreement itself, explores its development implications, and
considers its future prospects.