Montenegro has formally accepted the Agreement on Fisheries Subsidies, marking a significant step towards sustainable fishing practices. Director-General Okonjo-Iweala commented, “I am delighted that Montenegro has formally accepted the Agreement on Fisheries Subsidies. Montenegro's embrace of this agreement signals its dedication to aligning its fishing practices with sustainability objectives. This decisive step emphasizes the importance of collective action in safeguarding our oceans for generations to come and shows Montenegro's commitment to the multilateral trading system.”
Ambassador Milačić expressed satisfaction with the development: “I am pleased that I had the opportunity to deposit the instrument of acceptance of the WTO Agreement on Fisheries Subsidies on behalf of Montenegro. It is a testament to the vital importance Montenegro places on the long-term sustainability of the oceans, the livelihoods of fishing communities, and the food security of millions of people. It is also evidence of our commitment to multilateralism and joint efforts to advance the multilateral sustainable fisheries agenda by prohibiting harmful subsidies such as those for illegal, unreported and unregulated fishing. We hope that this will be another incentive for other members who have yet to ratify the agreement to do so.”
With Montenegro’s acceptance, 77 WTO members have now formally endorsed the Agreement. Thirty-three more formal acceptances are required for it to come into effect. The Agreement will enter into force upon acceptance by two-thirds of WTO membership.
The Agreement was adopted by consensus at WTO's 12th Ministerial Conference (MC12), held in Geneva from June 12-17, 2022. It establishes new binding multilateral rules aimed at curbing harmful subsidies contributing to global fish stock depletion. The Agreement also addresses needs specific to developing economies and least-developed countries by creating a fund for technical assistance and capacity building.
Key provisions include prohibiting support for illegal, unreported, and unregulated (IUU) fishing, banning subsidies for overfished stocks, and ending support for high seas fishing outside national jurisdictions.
Members agreed at MC12 to continue negotiations on unresolved issues with an aim toward adopting additional provisions that would further strengthen these disciplines.
The full text of the Agreement can be accessed here. A list of members who have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.