The Lao People's Democratic Republic (Lao PDR) has formally accepted the Agreement on Fisheries Subsidies, as confirmed by Director-General Okonjo-Iweala and Ambassador Keomany.
Director-General Okonjo-Iweala expressed her warm welcome to Lao PDR's formal acceptance of the agreement, stating, “Although Lao PDR, as a landlocked least-developed country (LDC), does not have a coastline of its own, it has consistently emphasized the importance of collective solutions in our interconnected world — in this case, to ensure the sustainability of marine fisheries. Lao PDR's commitment and support add to the momentum behind the swift entry into force of this important agreement for ocean sustainability, food security and livelihoods worldwide.”
Ambassador Keomany also voiced his nation’s commitment to sustainable fisheries management by formally accepting the WTO Agreement on Fisheries Subsidies. He said, “This milestone underscores our dedication to combatting harmful subsidies that contribute to overfishing and environmental degradation. Being a landlocked least-developed country, Lao PDR’s proactive step demonstrates its recognition of the importance of responsible fishing practices and the need to protect marine resources globally. By depositing the instrument of acceptance, we join a global effort to promote environmental conservation and ensure a healthier and more sustainable future for our oceans.”
With this move, Lao PDR becomes one among 74 total WTO members that have formally accepted the Agreement. Fourteen members from the Asia Pacific region have done so too, including two other LDCs. The Agreement will enter into force upon acceptance by two-thirds of the membership; currently, 36 more formal acceptances are needed.
Adopted at the WTO's 12th Ministerial Conference (MC12) in Geneva in June 2022, the Agreement on Fisheries Subsidies introduces new multilateral rules aimed at curbing harmful subsidies contributing to the depletion of global fish stocks. The Agreement also recognizes the needs of developing and least-developed countries, establishing a fund to provide technical assistance and capacity building to help them implement their obligations.
The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas. Members agreed at MC12 to continue negotiations on outstanding issues with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.