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- Delegates at a global summit on trade in endangered species will vote on a proposal to protect sharks.
- If approved, the trade of the requiem shark and hammerhead shark families would be tightly controlled.
- Millions of sharks are killed a year for their fins and other parts.
- For more financial news, go to the News24 Business front page.
Delegates at a global summit on trade in endangered species will on Friday decide whether to approve a proposal to protect sharks, a move that could drastically reduce the lucrative and cruel shark fin trade.
If approved, dozens of species of the requiem shark and the hammerhead shark families would have their trade tightly controlled under the Convention on International Trade in Endangered Species (CITES).
The shark initiative has been one of the most discussed at this year's CITES summit in Panama, with the proposal co-sponsored by the European Union and 15 countries.
A vote had been expected Thursday but was postponed until Friday, the final day of the summit, as debates over illegal and unregulated hunting of hippos for their meat and ivory dragged on between the European Union and African countries.
Delegates are considering 52 proposals to change species' protection levels. Other species up for possible boosted protections are glass frogs, crocodiles, guitarfish, and some turtle species.
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If the new raft of shark protections is applied, "it would be a historic decision," Panamanian delegate Shirley Binder, who presided over the meeting, told AFP earlier in the summit.
"For the first time, CITES would be handling a very large number of shark species, which would be approximately 90% of the market," she said.
Insatiable appetite in Asia for shark fins, which make their way onto dinner tables in Hong Kong, Taiwan and Japan, has spurred their trade.
Despite being described as almost tasteless and gelatinous, shark fin soup is viewed as a delicacy and is enjoyed by the very wealthy, often at weddings and expensive banquets.
Shark fins, representing a market of about $500 million (~R8.5 billion) per year, can sell for about $1 000 a kilogram.
From villain to darling
Sharks have long been seen as the villain of the seas they have occupied for more than 400 million years, drawing horror with their depiction in films such as "Jaws" and occasional attacks on humans.
However, these ancient predators have undergone an image makeover in recent years as conservationists have highlighted the crucial role they play in regulating the ocean ecosystem.
According to the Pew Environment Group, between 63 million and 273 million sharks are killed every year, mainly for their fins and other parts.
With many shark species taking more than 10 years to reach sexual maturity, and having a low fertility rate, the constant hunting of the species has decimated their numbers.
In many parts of the world, fisherman lop the shark's fins off at sea, tossing the shark back into the ocean for a cruel death by suffocation or blood loss.
The efforts by conservationists led to a turning point in 2013, when CITES imposed the first trade restrictions on some shark species.
"We are in the middle of a very large shark extinction crisis," Luke Warwick, director of shark protection for the NGO Wildlife Conservation Society (WCS), told AFP at the beginning of the summit.
CITES, which came into force in 1975, has set international trade rules for more than 36 000 wild species.
Its signatories include 183 countries and the European Union.
