Colombia has officially accepted the Agreement on Fisheries Subsidies, marking a significant step towards its implementation. The World Trade Organization (WTO) announced this development as Colombia becomes the 93rd member to ratify the agreement. Eighteen more acceptances are required for it to come into effect.
WTO Director-General Okonjo-Iweala expressed gratitude for Colombia's acceptance, highlighting its active role in fisheries subsidies discussions and commitment to ocean sustainability. "I call on those members who have not yet ratified to swiftly follow suit — we only need 18 for the Agreement to enter into force and begin to deliver its benefits for people and the planet," she stated.
Ambassador Bustamante emphasized that Colombia's acceptance symbolizes its dedication to marine resource conservation and sustainable fisheries within multilateral rules. He noted that this is the first WTO agreement with an environmental focus, aiming to limit harmful subsidies and combat illegal fishing. "This action reflects the country's determination to contribute to the establishment of fairer conditions in the fisheries sector," Bustamante added.
The agreement was adopted by consensus at the WTO's 12th Ministerial Conference in Geneva in June 2022. It sets new rules to curb harmful subsidies contributing to fish stock depletion while recognizing developing economies' needs. A fund is established under the agreement for technical assistance and capacity building.
Prohibitions under this agreement include subsidies for illegal, unreported, and unregulated fishing, overfished stocks, and unregulated high seas fishing. Members agreed at MC12 to continue negotiations on unresolved issues for further enhancement of these disciplines.
Further details about the full text of the agreement and member acceptance lists are available online.