The members of the World Trade Organisation (WTO) came to a historic agreement on fisheries subsidies during the 12th Ministerial Conference in June 2022. The purpose of this agreement is to make a contribution to the Sustainable Development Goals that have been established by the United Nations Security Council. The required background information for the Agreement is provided in this article, which also offers a brief history of the talks between the parties. With the help of this study, we want to get a deeper understanding of how the World Trade Organisation Agreement on Fisheries Subsidies should be interpreted and how it should be implemented in the future. In this paper, the legislative process of the WTO Agreement on Fisheries Subsidies is reviewed, five main controversial issues are analysed, and the conflicts of interests of different countries during the discussion are explored. The status quo of international and regional fishery governance legal systems and management regimes in the regulation of IUU fishing is used as the basis for this study. Increasing collaboration between coastal states, flag states, port states, and relevant RFMOs is something that states should do in the future in order to encourage the transformation of the fisheries industry. This may be accomplished by removing damaging subsidies for illegal, unreported, and unregulated fishing. In the conclusion, the remaining challenges that have not yet been resolved by the World Trade Organisation are underlined.