Belize became the initial Central American member of the World Trade Organization (WTO) and the first member of the Caribbean Community (CARICOM) to submit its acceptance of the Agreement on Fisheries Subsidies, according to a WTO press release.
Ambassador Gianni Avila presented Belize's acceptance to WTO Director-General Ngozi Okonjo-Iweala in Geneva on June 16. The agreement requires acceptance from two-thirds of WTO members to be enforced.
“I am happy to receive Belize's formal acceptance of the WTO Fisheries Subsidies Agreement,” Okonjo-Iweala said, per the 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.”
The Agreement on Fisheries Subsidies was adopted by consensus at the WTO's 12th Ministerial Conference (MC12) held in Geneva in 2022. It creates binding, multilateral rules to curb harmful subsidies, which are important in the widespread depletion of the world's fish stocks. The agreement also recognizes the needs of developing and least-developed countries (LDCs) and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.
“Belize is pleased to deposit its instrument of acceptance of the WTO Agreement on Fisheries Subsidies,” Avila said. “In doing so, Belize underscores its commitment to the multilateral trading system whilst also contributing to the promotion of environmental sustainability.”
The agreement also prohibits support for illegal, unreported, and unregulated fishing; bans support for fishing overfished stocks; and ends subsidies for fishing on the unregulated high seas. Members agreed to continue negotiations on outstanding issues, with a goal to making recommendations by MC13, to be held in February 2024 in Abu Dhabi.