Peru formally accepted the World Trade Organization’s Agreement on Fisheries Subsidies on July 19.
The agreement, which was adopted at the WTO’s 12th Ministerial Conference in June 2022, introduces new global regulations aimed at reducing harmful subsidies that contribute to the depletion of fish stocks worldwide. It also prohibits support for illegal, unreported, and unregulated fishing and ends subsidies for fishing on unregulated high seas, according to a WTO press release.
“I warmly welcome Peru's formal acceptance of the WTO Agreement on Fisheries Subsidies,” said Director-General Ngozi Okonjo-Iweala, after receiving Peru’s formal acceptance from Foreign Minister Ana Cecilia Gervasi in Geneva, Switzerland. “Peru's status as one of the leading marine fishing producers is a strong signal of the importance of the agreement for global fisheries sustainability. This action serves as a tremendous impetus to the growing support for urgent implementation of this agreement.”
Peru is the third most relevant marine fisheries power in the world due to its geographical location and the presence of the Humboldt current, which provides “a wide diversity and large populations of resources,” Gervasi said in the release.
“This advantage has helped us to become a highly productive country with a longstanding historical fisheries tradition that dates back to pre-Hispanic times, thanks to our rich marine fauna on our coasts,” Gervasi said. “The ratification of this agreement is an example of the responsibility of my country toward the multilateral trading system. We are honored to be the first Latin American member to deposit the instrument of ratification of the Agreement on Fisheries Subsidies, and we trust that with this act we will motivate the rest of the membership toward a prompt entry into force of this agreement.”
Peru is the 14th government to accept the agreement, according to the WTO. Other countries that have accepted the agreement include the United States, Japan, Switzerland and Nigeria.
“By curbing harmful fisheries subsidies globally, we are taking an important step toward safeguarding the exports, livelihoods, and food security of the people in Peru and across the world,” Okonjo-Iweala said.
The agreement also outlines specific requirements for developing nations to join and establishes a fund dedicated to technical support and capacity building to assist these nations in fulfilling their obligations, according to the release.
The WTO has over one-third of the acceptances needed for the agreement to take effect; the release stated.