Costa Rica has formally accepted the Agreement on Fisheries Subsidies, as announced by Director-General Okonjo-Iweala. She stated, “Costa Rica continues to lead by example: its formal acceptance of the Agreement on Fisheries Subsidies reinforces its impressive track record in advancing marine conservation and promoting sustainable economic practices. I applaud its dedication to global efforts to promote sustainable fishing. I hope more WTO members swiftly follow suit so that this landmark Agreement enters into force.”
Ambassador Saborío expressed his satisfaction with Costa Rica's decision, saying, “It is my pleasure to deposit Costa Rica's instrument of acceptance of the Agreement on Fisheries Subsidies. Costa Rica is convinced that this Agreement will make a meaningful contribution to the sustainability of global fisheries resources and therefore encourages other Members to also complete the acceptance procedures with a view to securing the entry into force of the Agreement as soon as possible.”
With Costa Rica's acceptance, 87 World Trade Organization (WTO) members have now formally accepted the agreement. However, 24 more acceptances are needed for it to take effect. The agreement will be activated upon approval by two-thirds of WTO membership.
The agreement was adopted at the WTO's 12th Ministerial Conference held in Geneva from June 12-17, 2022. It establishes new multilateral rules aimed at reducing harmful subsidies contributing to fish stock depletion worldwide. The agreement also acknowledges developing economies' needs and sets up a fund for technical assistance and capacity building.
Prohibited under this agreement are subsidies for illegal, unreported, and unregulated fishing; fishing overfished stocks; and fishing in unregulated high seas areas.
During MC12, members agreed to continue discussions on unresolved issues with hopes of adopting additional measures that would strengthen the agreement’s regulations.