Abstract: The two-decade-long negotiations culminating in the fisheries subsidies agreement at the WTO in 2022 is the first of its kind, aiming at conserving fisheries by limiting the subsidies for IUU and overfished stocks. However, while approaching the MC 14, WTO Members still need consensus on subsidies provisions for overcapacity and overfishing (OCOF), which is being debated on its imbalanced provisions. The hybrid approach to OCOF and conditional sustainability-based flexibility will undermine the Doha mandate on fisheries subsidies. Additionally, the weaker provisions on distant-water fishing would also help in maintaining the ‘business as usual’ for the large industrial subsidisers. The S&DT provisions at the Fish 2.0, with four key elements, have also affected coalition-building for developing countries. As fisheries are important for livelihood, food and nutritional security, the WTO must ensure to balance fisheries sustainability while providing the necessary policy-space for developing countries to reach a consensus on the Additional Provisions on Fisheries Subsidies.