The World Trade Organization (WTO) announced on Aug. 21 that Hong Kong, China submitted its formal acceptance of the Agreement on Fisheries Subsidies, according to a press release. Drew Lai, acting permanent representative, handed over Hong Kong, China's acceptance instrument to Director-General Ngozi Okonjo-Iweala, marking the 16th acceptance received by the WTO.
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 (IUU) fishing, prohibits support for the exploitation of overfished stocks and puts an end to subsidies for fishing activities conducted in unregulated areas of the high seas.
“I warmly welcome Hong Kong, China's formal acceptance of the Agreement on Fisheries Subsidies. Hong Kong, China is a marine capture producer and a major trader and consumer of fish products. Like all members, it has an important interest in ensuring the sustainability of global fisheries and a healthy ocean ecology. Hong Kong, China thus has much to gain from the entry into force of this historic WTO agreement," Okonjo-Iweala said. "I hope that Hong Kong, China's leadership in accepting the Agreement will encourage more WTO members, in Asia and around the globe, to follow suit quickly.”
“The conclusion of the Agreement on Fisheries Subsidies was a milestone achievement at MC12 as WTO members reinvigorated multilateralism and worked collaboratively to deliver on issues of global importance. Now an international financial and trade centre, Hong Kong, China in fact developed from a small fishing village, so fisheries and fishery resources always hold a special place in our heart. As a long-standing, staunch supporter of the multilateral trading system, we are pleased to deposit our Instrument of Acceptance today and join the global efforts to operationalize the Agreement, so that it can deliver global benefits for trade, development and the environment,” Lai said.