The World Trade Organization (WTO) announced that China has accepted the Agreement on Fisheries Subsidies. China submitted its instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala. The Permanent Representative of Macao, China, Ms. Lúcia Abrantes Dos Santos, made the presentation.
With China's acceptance, the total number of WTO members formally accepting the Agreement on Fisheries Subsidies has reached 44.
The Agreement on Fisheries Subsidies, adopted at the WTO's 12th Ministerial Conference in June 2022, aims to reduce harmful subsidies that contribute to the depletion of fish stocks worldwide. It introduces new enforceable global regulations and specifically prohibits subsidies for illegal, unreported, and unregulated (IUU) fishing. The agreement also 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.
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.
Director-General Ngozi Okonjo-Iweala expressed her appreciation for Macao, China's acceptance of the Agreement, stating, "Macao, China's support for curbing harmful subsidies in the fisheries sector underscores its dedication to preserving our oceans and marine life, crucial for global food security and environmental stability."
Ms. Lúcia Abrantes Dos Santos, the Permanent Representative of Macao, China, highlighted the significance of the Agreement on Fisheries Subsidies, calling it the first WTO agreement aiming at achieving environmentally sustainable development goals. She stated, "Macao, China looks forward to having a meaningful outcome in the second phase of negotiations. It is our collective effort to contribute to the sustainability of the oceans."
China's acceptance of the Agreement on Fisheries Subsidies demonstrates its commitment to global efforts in preserving the health and sustainability of oceans and marine life.