Israel has formally accepted the Agreement on Fisheries Subsidies, marking a significant step towards its implementation. This agreement, adopted by consensus at the World Trade Organization's (WTO) 12th Ministerial Conference in June 2022, aims to curb harmful subsidies that contribute to the depletion of global fish stocks.
Director-General Ngozi Okonjo-Iweala expressed her support for Israel's acceptance, stating, “I welcome Israel's formal acceptance of the Agreement on Fisheries Subsidies. Each additional acceptance brings us closer to the threshold for the entry into force of these vital rules that will curb harmful subsidies and protect global fish stocks. I urge remaining WTO members to submit their own letters of acceptance, thereby helping to safeguard our oceans — and the livelihoods that depend on them — for future generations.”
Minister Nir Barkat highlighted Israel's commitment to environmental sustainability: “Israel is proud to have successfully completed the domestic approval process of the WTO Agreement on Fisheries Subsidies, being the first agreement of its kind to focus on environmental sustainability. The agreement marks a pivotal moment in advancing sustainable development and we are glad to bring Members closer to its implementation. We remain not only optimistic but also confident in the transformative potential of this agreement to rejuvenate and accelerate the processes leading up to the 14th Ministerial Conference.”
With Israel's endorsement, 89 WTO members have now accepted the Agreement. However, it requires acceptance from two-thirds of WTO membership—22 more acceptances—for it to take effect.
The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, fishing overfished stocks, and fishing on unregulated high seas. It also considers developing economies' needs by establishing a fund for technical assistance and capacity building.
Negotiations continue on unresolved issues with hopes of adopting further provisions that enhance these disciplines.