Belize has become the initial Central American member of the World Trade Organization (WTO) and the first member of the Caribbean Community (CARICOM) to deposit its acceptance of the Agreement on Fisheries Subsidies, a WTO press release said. Belize Ambassador Gianni Avila personally handed over Belize's acceptance instrument to WTO Director-General Ngozi Okonjo-Iweala in Geneva, Switzerland, the release said.
“Belize is pleased to deposit its instrument of acceptance of the WTO Agreement on Fisheries Subsidies,” the press release quotes her as saying. “In doing so, Belize underscores its commitment to the multilateral trading system whilst also contributing to the promotion of environmental sustainability.”
“I am happy to receive Belize's formal acceptance of the WTO Fisheries Subsidies Agreement,” World Trade Organization Director-General Ngozi Okonjo-Iweala is quoted as saying in the press release. “This first formal acceptance from a Central American and CARICOM member heralds growing global momentum for the urgent implementation of the agreement. This agreement holds paramount importance for Belize, given its reliance on marine exports and tourism, which are vital pillars of the country's economy and cultural heritage."
"By supporting the elimination worldwide of harmful fisheries subsidies, Belize sends a strong signal to the international community that it is committed to preserving the health and productivity of the oceans, promoting economic growth, and enhancing livelihoods dependent on the marine sector,” she said.
The Agreement on Fisheries Subsidies, if implemented, would impose restrictions to limit harmful subsidies, which the WTO says are a key contributor to depleting the world's fish stocks. It seeks an end to support for illegal, unreported and unregulated (IUU) fishing, fishing overfished stocks, and subsidies for fishing on the unregulated high seas. The agreement would also create a fund to provide technical assistance and capacity-building for developing and least-developed countries (LDCs) to help them become compliant with the new obligations.
The agreement would require acceptance from two-thirds of WTO members to be implemented.
The full text of the agreement can be found here.