Ecuador has formally accepted the Agreement on Fisheries Subsidies, becoming one of 84 World Trade Organization (WTO) members to do so. The agreement, which aims to curb harmful fisheries subsidies, was adopted at the WTO's 12th Ministerial Conference in June 2022. It will come into effect once two-thirds of the membership have accepted it.
Director-General Okonjo-Iweala expressed her approval, stating: “I warmly welcome Ecuador's formal acceptance of the Agreement on Fisheries Subsidies. As one of the largest tuna exporters in the world and the proud steward of the Galapagos islands, Ecuador stands to gain immensely from this global commitment to curb harmful fisheries subsidies. This Agreement will not only preserve marine biodiversity but will also secure long-term economic opportunities for the nation.”
Ambassador Valencia emphasized Ecuador's dedication to sustainable fishing practices: “It is an honour to present, on behalf of Ecuador, the instrument of acceptance of the Agreement on Fisheries Subsidies, the first WTO instrument that promotes trade regulations while considering the sustainability of the oceans. The acceptance of this Agreement reaffirms Ecuador's and its government's firm commitment to promoting the achievement of Sustainable Development Goal 14.6, protecting life cycles of marine populations, improving living conditions for citizens who depend on fishing activities — particularly economically vulnerable communities — and promoting transparency by prohibiting subsidies to harmful activities such as illegal, unreported, and unregulated fishing."
The agreement sets new multilateral rules aimed at addressing factors contributing to fish stock depletion globally. It prohibits subsidies for illegal fishing activities and overfished stocks while acknowledging developing economies' needs by establishing a fund for technical assistance.
Negotiations continue on unresolved issues with plans for further provisions enhancing these disciplines.