The World Trade Organization (WTO) has announced that Cambodia has formally accepted the Agreement on Fisheries Subsidies. The country's instrument of acceptance was presented by its Minister of Commerce, Cham Nimul, to WTO Deputy Director-General Angela Ellard. This brings the total number of WTO members who have accepted the agreement to 73.
The Agreement on Fisheries Subsidies, which was adopted at the 12th Ministerial Conference on June 17, 2022, prohibits harmful fisheries subsidies. These subsidies are a significant contributor to global fish stock depletion. According to information provided by the WTO's webpage dedicated to this agreement, it is the first time a sustainable development goal target has been achieved through a multilateral agreement. It also marks the WTO's first agreement focusing specifically on environmental issues.
According to a press release issued by the WTO, Ellard stated: "I warmly welcome Cambodia's formal acceptance of the Agreement on Fisheries Subsidies. By disciplining subsidies worldwide that contribute to harmful fishing practices, this Agreement will strongly benefit Cambodia—a country for which fisheries play an important role in food security and economic growth. Cambodia's formal acceptance underscores its recognition—as a least-developed country—of the importance of international collaboration in preserving ocean sustainability."
Echoing Ellard's sentiment, Nimul said in another press release issued by the WTO: "Cambodia is fully committed to and firmly believes in the multilateral trading system. Depositing our 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 towards ensuring and protecting life underwater and ocean sustainability—thus attaining 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 this Agreement to come into effect, as marine stocks are being destroyed and diminished daily."