After more than 20 years of negotiations, the World Trade Organization’s (WTO) Agreement on Fisheries Subsidies1 (the Agreement) has now entered into force. IUU FishingUnder the Agreement, member states agree not to provide subsidies to any vessel or operator found to have engaged in IUU fishing or in activities in support of IUU fishing. Overfished StocksMember states also agree not to provide any subsidies for fishing or fishing-related activities targeting stocks that are overfished. Unlike the Agreement’s provisions for IUU fishing and overfished stocks, there is no affirmative trigger for this prohibition. Four-Year ClockEntry into force of the WTO’s first-ever legally binding agreement on subsidies marks a monumental change.