GENEVA, (Reuters) – The World Trade Organization’s head of negotiations aimed at cutting billions in fishing subsidies said Monday that he believed an outcome could be achieved in time for a ministerial conference this month.

The WTO should reach a settlement to reduce subsidies for unsustainable fishing, according to environmentalists. This would help to restore the global decline in fish stocks. Although negotiators are closer than ever to reaching a settlement in the 20-year history of negotiations, there remain key issues such as how it applies to developing nations.

“The work is not done yet – we still have some distance to cover,” Colombia’s Santiago Wills told journalists. But… “But…

Wills, on Monday, presented to WTO member a revised draft agreement. Wills said that it took “a big step” towards the benefit of less developed nations who are seeking exemptions. On Tuesday, Wills said intensive negotiations over the draft agreement “clause by clause” would begin.

The WTO is seen by observers as crucial to its legitimacy and relevance. Its dispute-settlement capabilities are limited due to disagreements among the United States and other member countries over reform.