The World Trade Organization recently announced that Japan formally accepted the Agreement on Fisheries Subsidies which signifies the country's commitment to addressing harmful subsidies and also promoting sustainable fishing practices. Director-General Ngozi Okonjo-Iweala welcomed this significant step taken by Japan, acknowledging their support for the agreement when he met with Ambassador Kazuyuki Yamazaki on July 4th.
"I welcome Japan's formal acceptance of the Agreement on Fisheries Subsidies," said Okonjo-Iweala. "This significant step forward holds great importance considering Japan's status as a prominent fishing nation and as a steadfast supporter of the WTO and the multilateral trading system. As we continue to navigate the challenges posed by overfishing and the depletion of fish stocks, the active participation of Japan and the wider WTO membership will be crucial.”
According to the release, the total number of acceptances is now past one-third of what is required for the agreement to come into effect. This development brings the international community closer to achieving the support for the implementation of the agreement.
“This Agreement was passed by the Diet with unanimous approval," Ambassador Kazuyuki Yamazaki said. "This is an expression of our strong determination as a country surrounded by the sea and historically familiar with fishery resources, and as a promoter of a multilateral trade system, to work together as one to ensure food security and achieve sustainable fisheries based on rules.”
Yamazaki added: “Japan will never stop moving forward. We still have two significant goals ahead. One is to bring the Agreement into force by MC13 (13th Ministerial Conference), and the other is to conclude the second wave negotiation by MC13. Japan will reach out to other Members to accelerate the ratification process and constructively engage in the future negotiations including the upcoming fish week next week."
The agreement was adopted at the WTO 12th Ministerial Conference in June 2022 and introduces new enforceable global regulations aimed at reducing harmful subsidies that contribute to the depletion of fish stocks around the world. It also acknowledges the specific requirements of developing and least developed countries, as well as establishing a fund for technical support and capacity building to assist nations.
The agreement prohibits supporting exploitation of overfished stocks and stops subsidies for fishing activities conducted in unregulated areas on the world's oceans.