Guatemala has formally accepted the World Trade Organization's (WTO) Agreement on Fisheries Subsidies, becoming the 92nd member to do so. This move is a significant step towards addressing harmful fishing subsidies that contribute to the depletion of global fish stocks.
Director-General Ngozi Okonjo-Iweala expressed her approval, stating, "I warmly welcome Guatemala's formal acceptance of the Agreement on Fisheries Subsidies. Guatemala’s diverse marine ecosystems illustrate how thriving fisheries matter for biodiversity, food security, and employment in coastal communities. This commitment is an important step to bolster environmental and economic resilience in Guatemala and around the world. Only 19 more formal acceptances are needed for the Agreement to enter into force!"
Ambassador Sperisen-Yurt highlighted Guatemala's dedication to sustainable practices: "By accepting the WTO Agreement on Fisheries Subsidies, Guatemala reaffirms its commitment to the sustainability and responsible governance of marine resources. In depositing our instrument of acceptance, Guatemala joins the international community in the fight against illegal, unreported and unregulated fishing, recognizing the importance of the fisheries sector for the food security and economic development of the country."
The ambassador further noted that this action reflects Guatemala's support for multilateralism and its vision for a sustainable future: "This step reflects Guatemala's strong support for multilateralism and its vision of a more sustainable future for generations to come. We invite other WTO Members to deposit their instruments of acceptance, thus enabling the early entry into force of this Agreement and allowing us to move together towards the sustainability of marine resources."
The agreement was adopted by consensus during WTO's 12th Ministerial Conference held in Geneva from June 12-17, 2022. It introduces binding rules aimed at curbing subsidies that lead to overfishing while also considering developing economies' needs through technical assistance provisions.
For it to become effective, two-thirds of WTO members must formally accept it. The agreement prohibits subsidies related to illegal fishing activities or those targeting overfished stocks or unregulated high seas areas.
Further negotiations are expected as members seek additional provisions that could strengthen these new regulations.