Cambodia has formally accepted the Agreement on Fisheries Subsidies, with Deputy Director-General Ellard expressing his warm welcome towards this development. He stated, "I warmly welcome Cambodia's formal acceptance of the Agreement on Fisheries Subsidies. By disciplining subsidies worldwide to harmful fishing, the Agreement will strongly benefit Cambodia, for which fisheries plays an important role in its food security and economic growth. Cambodia's formal acceptance underscores the significance that it, as a least-developed country, attaches to international collaboration in preserving the sustainability of the world's oceans."
Minister Cham emphasized Cambodia's commitment to the multilateral trading system and the regulation of subsidies for illegal fishing. He stated, "Cambodia is fully committed to and is a firm believer in the multilateral trading system. Depositing the instrument of acceptance of the WTO Agreement on Fisheries Subsidies today reflects our unwavering commitment and relentless effort to regulate subsidies for illegal, unreported, and unregulated fishing. We are proud that, as a least-developed country, we can contribute to a solution in ensuring and protecting life underwater and ocean sustainability, thus attaining the UN-led 2030 Sustainable Development Goals. With approximately 260 million people directly or indirectly depending on sustainable marine resources, we cannot afford to wait any longer for the Agreement to come into effect, as marine stocks are being destroyed and diminished daily."
Cambodia's formal acceptance brings the total number of WTO members that have accepted the Agreement to 73, with 37 more acceptances needed for the Agreement to come into effect. The Agreement, adopted at the WTO's 12th Ministerial Conference, aims to curb harmful subsidies and set new rules to protect fish stocks worldwide. It prohibits support for illegal fishing and overfished stocks, as well as subsidies for fishing on the unregulated high seas. Additionally, the Agreement recognizes the needs of developing and least-developed countries by providing a fund for technical assistance and capacity building.
The Agreement on Fisheries Subsidies represents a significant step towards preserving marine resources and achieving sustainability goals. Cambodia's formal acceptance highlights the country's dedication to international collaboration in addressing the challenges faced by the world's oceans.