On Aug. 17, the World Trade Organization (WTO) announced that Ukraine has officially submitted its instrument of acceptance for the Agreement on Fisheries Subsidies. WTO Director-General Dr. Ngozi Okonjo-Iweala received Ukraine's instrument from Ukraine's Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko during a visit to Kyiv.
“I’m extremely pleased to receive Ukraine's formal acceptance of the WTO's Agreement on Fisheries Subsidies in the face of such extraordinary challenges,” Dr. Okonjo-Iweala said, according to an Aug. 17 press release from the WTO. “This significant milestone underscores Ukraine's steadfast commitment to multilateral cooperation and reinforces its resolute endorsement of the WTO's mission for sustainability. I thank WTO members who have already accepted the Agreement and I urge others who have not to do so quickly, ensuring the effective implementation of this groundbreaking Agreement for the preservation of our oceans' sustainability.”
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 support for illegal, unreported, and unregulated (IUU) fishing, prohibits support for the exploitation of overfished stocks, and puts an end to subsidies for fishing activities conducted in unregulated areas, per the press release.
“The ratification of the Agreement is an example of Ukraine’s responsibility towards ensuring people’s welfare not only in Ukraine, but in the whole world,” Svyrydenko said, according to the press release. “We are honoured to be among the first members accepting the Agreement. I believe that this act will motivate the rest of the members towards submitting their instruments of acceptance. Uniting efforts is important for Ukraine in times of challenges. Our fisheries sector has been severely affected by Russia's aggression. It is currently impossible for us to fish in the Black Sea and the Sea of Azov.”