The World Trade Organization (WTO) has announced that Chile has formally accepted the Agreement on Fisheries Subsidies by depositing its instrument of acceptance. This move by Chile adds to the total of 53 WTO members that have officially endorsed the Agreement.
On December 12, Claudia Sanhueza Riveros, the Undersecretary of International Economic Relations, presented Chile's instrument of acceptance for the Agreement on Fisheries Subsidies to Director-General Ngozi Okonjo-Iweala. Furthermore, during the 12th Ministerial Conference, members agreed to extend negotiations on unresolved issues with a goal to provide recommendations by the 13th Ministerial Conference, according to a press release by WTO.
According to the same press release, Okonjo-Iweala welcomed Chile's formal acceptance of the Agreement on Fisheries Subsidies. "Chile is among the world's leading fishing nations, and the sector is an important driver of job creation in the country. Its support for the Agreement underscores the importance of disciplining fisheries subsidies to preserve marine resources and safeguard the livelihoods of people who depend on thriving, sustainable fisheries," she said.
Sanhueza expressed her satisfaction with this development in another statement released by WTO. "We are very pleased. We have deposited the agreement on the elimination of industrial fisheries subsidies, which was adopted at the World Trade Organization a few months ago. This is a very important agreement, especially for countries in the Pacific, where our marine ecosystems are generally being overexploited. It also seeks to address global challenges we face in terms of sustainability of our environment and our oceans," she said.
The WTO Agreement on Fisheries Subsidies was adopted at the 12th Ministerial Conference on June 17, 2022. It prohibits harmful fisheries subsidies and addresses a significant factor contributing to global fish stock depletion. According to information provided by WTO on its webpage dedicated to this agreement, it represents the first achievement of a sustainable development goal target through a multilateral agreement and is the first WTO agreement with a focus on the environment.