The relationship among trade liberalization, the environment, and socioeconomic development is marked by controversy, though it is well accepted that in practice economic interests often trump environmental concerns and that developing countries incur a range of costs to participate in, and comply with, multilateral and bilateral trade agreements. Politics and power dynamics in the rule-making process in liberalization negotiations are often implicated for generating these outcomes. To improve on this record, and in accordance with the rise in ‘market environmentalism’, World Trade Organization (WTO) members and advocacy groups have turned this rhetoric on its head and pushed for ‘synergy’ in which a single WTO rule to discipline fisheries subsidies at once liberalizes trade, generates an environmental improvement, and supports developing country aspirations—a much feted ‘triple win’. We sketch the anatomy of the fisheries subsidies negotiations and explore how the triple win is used by blocks of states t...