On June 27, Director-General Ngozi Okonjo-Iweala welcomed China's formal acceptance of the Agreement on Fisheries Subsidies. This step highlights China's commitment to addressing harmful subsidies and promoting sustainable fishing practices on a global scale.
"I am delighted to welcome China's formal acceptance of the Agreement on Fisheries Subsidies," World Trade Organization Director-General Ngozi Okonjo-Iweala said.
According to a press release issued by the World Trade Organization (WTO) on June 27, China has demonstrated its commitment to ocean sustainability by officially accepting the Agreement on Fisheries Subsidies. The instrument of acceptance was handed over by Commerce Minister Wang Wentao to Director-General Ngozi Okonjo-Iweala in Tianjin, China, just before the World Economic Forum's 14th Annual Meeting of the New Champions. This significant step signifies China's support for the historic agreement, aimed at curbing harmful fishing subsidies and promoting the conservation and sustainable use of marine resources.
“As the world leader in marine fish catch, China's support for the implementation of this agreement is critical to multilateral efforts to safeguard oceans, food security, and livelihoods. By curbing harmful fishing subsidies worldwide, we can together forge a path towards a legacy of abundance and opportunity for generations to come,” Director-General Ngozi Okonjo-Iweala said, according to the press release by the WTO.
“The Agreement on Fisheries Subsidies is the second multilateral agreement reached by the WTO since its establishment in 1995, and the first WTO agreement aimed at achieving the goal of environmental sustainable development. It is a significant agreement to boost the confidence of all members in multilateralism. China has completed the approval procedure of the agreement and will work with all members to push the agreement to enter into force before the 13th WTO Ministerial Conference. At the same time, China will participate in the second phase of negotiations in a positive and constructive manner and look forward to an early outcome of the negotiations,” Commerce Minister Wang Wentao said, according to the press release.
The Agreement on Fisheries Subsidies, adopted at the WTO's 12th Ministerial Conference in June 2022, introduces new enforceable global regulations aimed at reducing harmful subsidies that contribute to the depletion of fish stocks worldwide. Furthermore, the Agreement acknowledges the specific requirements of developing and least-developed countries (LDCs) and establishes a fund dedicated to offering technical support and capacity building to assist these nations in fulfilling their obligations. The agreement specifically prohibits subsidies for illegal, unreported and unregulated fishing, prohibits support for the exploitation of overfished stocks and puts an end to subsidies for fishing activities conducted in unregulated areas according to the press release.
In a world grappling with the depletion of fish stocks and the threat of overfishing, China's acceptance of the Agreement on Fisheries Subsidies underscores the country's dedication to responsible fishing practices and its determination to be a steward of the world's oceans. With continued collaboration among nations and sustained commitment to sustainable fishing, there is hope for the preservation of marine ecosystems and the well-being of communities reliant on them.