Pakistan has formally accepted the World Trade Organization's (WTO) Agreement on Fisheries Subsidies, becoming the 94th member to do so. The agreement, adopted at the WTO's 12th Ministerial Conference in Geneva in June 2022, sets new rules to curb harmful subsidies contributing to global fish stock depletion.
Director-General Okonjo-Iweala remarked on Pakistan's acceptance: "Pakistan's formal acceptance of the Agreement on Fisheries Subsidies marks a vital step toward ensuring the long-term sustainability of global marine resources, while safeguarding the livelihoods and food security of the millions of people who depend on healthy fisheries. By joining this collective effort, Pakistan demonstrates its commitment to its coastal communities and the environment and it becomes eligible for resources from our Fish Fund. I encourage the remaining WTO members to swiftly follow suit — we need only 17 more."
Ambassador Hussain expressed satisfaction with Pakistan's ratification: "Pakistan is delighted to deposit its instrument of ratification for the WTO Agreement on Fisheries Subsidies. It reflects the unwavering commitment of the Government of Pakistan to safeguard our marine resources, a vital component of our national economy and the livelihoods of our coastal communities. We recognize the critical role that this Agreement can play in curbing harmful fishing practices and in ensuring the long-term health of our oceans. We urge all WTO members to join us in this essential global effort."
The agreement will take effect once two-thirds of WTO members have accepted it, requiring 17 more formal acceptances. It prohibits subsidies for illegal, unreported, and unregulated fishing, overfished stocks, and fishing on unregulated high seas.
The agreement also acknowledges developing economies' needs by establishing a fund for technical assistance and capacity building to help them implement their obligations. Members agreed at MC12 to continue negotiations on unresolved issues with plans for additional provisions enhancing these disciplines.