The World Trade Organization (WTO) has announced that Cambodia has formally accepted the Agreement on Fisheries Subsidies. This agreement seeks to prohibit harmful subsidies for fisheries, which are identified as a significant factor contributing to the depletion of fish stocks.
Deputy Director General Angela Ellard expressed her sentiments in a news release announcing Cambodia's acceptance of the Agreement on Fisheries Subsidies. She said, "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."
With this recent development, 73 WTO members have now formally accepted the agreement. According to a news release dated May 15, an additional 37 acceptances are needed for the agreement to reach two-thirds membership acceptance and subsequently go into effect.
The agreement was initially adopted at the 12th Ministerial Conference on June 17, 2022. Although a second wave of negotiations did not conclude during the 13th Ministerial Conference in June 2023, significant progress was made in narrowing gaps in the agreement as per information available on WTO's page on fisheries subsidies.
To formally accept this protocol, a member must deposit an instrument of acceptance. This document should identify the protocol by its full title and confirm that the member accepts and will be bound by it. The document should also state its date and location of issuance and bear signatures from either head of state, head of government or minister of foreign affairs. Other signatories may provide documentation showing authorization from one of these officials.
According to WTO’s web page on Acceptance of Protocol Amendment, once two-thirds of WTO membership has accepted this protocol, other members who have not yet accepted the agreement may still do so. The agreement will take effect for these members on the day they file their instrument of acceptance.