World Trade Organization (WTO) members are conducting negotiations to clarify and improve disciplines on fisheries subsidies at the Doha Round. In this article, I investigate how worldwide subsidy reform in the fisheries sector could affect fisheries output and resource stocks in a trading equilibrium. I demonstrate that the effects of a reduction in subsidies on fisheries output will differ, depending on the conditions of the economy and fisheries management in different countries. A possible outcome of a reduction in non-capacity-enhancing subsidies is that fisheries output will rise in countries where catch quotas are not enforced and remain the same in countries where catch quotas are strictly enforced, expanding the total supply offisheries products in the short run. In the long run, the world fisheries resource stock may be reduced. Key words Fisheries, subsidies, WTO, SCM Agreement, variable labor supply. JEL Classification Codes F13, F18, Q22, Q27.