On the eve of World Oceans Day, the urgency of the World Trade Organization's (WTO) work on fisheries subsidies has been highlighted. In a video message, Director-General Ngozi Okonjo-Iweala stated, “Every year, governments around the world spend tens of billions of dollars in support of unsustainable fishing. About half of assessed marine fish stocks are already overfished, and these subsidies make the problem worse. In 2022, the WTO's 164 member governments reached a new global agreement on curbing harmful fishing subsidies. Over 75 members have ratified this agreement, and around 30 more are still needed for its entry into force. We need to accelerate the implementation of this landmark global agreement for ocean sustainability and the blue economy.”
The full text of the Agreement is accessible online along with a list of members that have deposited their instruments of acceptance for the Agreement on Fisheries Subsidies.
Ambassador Gunnarsson commented: “A second wave of negotiations are underway on some additional provisions to strengthen the Agreement. WTO members say they want to conclude these negotiations as soon as possible. Many think we can do so before the summer break in August. I absolutely believe this can be done as long as we find the political will.”
DG Okonjo-Iweala further emphasized: “We can activate the Agreement on Fisheries Subsidies and conclude the second wave of negotiations soon. Our oceans can't afford to wait. And neither can the millions of people whose livelihoods depend on them.”
“Let's work together to keep our oceans teeming with life, for people and the planet,” added Ambassador Gunnarsson.
Adopted by consensus at WTO's 12th Ministerial Conference (MC12), held in Geneva from June 12-17, 2022, the Agreement on Fisheries Subsidies establishes new binding multilateral rules aimed at curbing harmful subsidies contributing to fish stock depletion globally. The Agreement also acknowledges developing and least-developed economies' needs by setting up a fund for technical assistance and capacity building to help them meet their obligations.
Key prohibitions under this Agreement include support for illegal, unreported, and unregulated (IUU) fishing; bans on support for fishing overfished stocks; and ending subsidies for fishing in unregulated high seas areas.
Members agreed at MC12 to continue negotiations on unresolved issues with an aim to adopt additional provisions that would further enhance discipline under this Agreement.
The video message is available online.
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