On September 15, 2025, the first part of the WTO's treaty to ban harmful fisheries subsidies, known as Fish One, officially took effect after 24 years of negotiations. This treaty aims to improve ocean sustainability by prohibiting subsidies that support illegal, unreported, and unregulated (IUU) fishing and the exploitation of overfished stocks. While it marks a significant milestone, allowing certain subsidies to persist raises concerns about its effectiveness. The treaty requires member states to disclose detailed data on their fishing activities and subsidies, yet it faces challenges, particularly regarding equity for less developed nations. Critics argue that the treaty's loopholes could allow continued overfishing under certain conditions. The success of Fish One hinges on the swift conclusion of a follow-up agreement, Fish Two, which remains stalled, and the commitment of developed nations to support developing countries in compliance efforts.