Bahrain has formally accepted the Agreement on Fisheries Subsidies, marking a significant step in global efforts to preserve fish stocks and support livelihoods dependent on the fishing industry. This move was praised by DG Okonjo-Iweala, who stated, "I thank Bahrain for adding its support to WTO members' efforts to preserve global fish stocks and the livelihoods that depend on them. The submission of Bahrain's acceptance brings us a step closer to the entry into force of this historic Agreement that will benefit people, oceans and the planet. I encourage other governments to ratify the Agreement swiftly - only 14 more acceptances are needed for it to become part of the WTO framework!"
Ambassador Abdulla highlighted Bahrain's commitment to sustainable maritime practices, noting, “The Kingdom of Bahrain is pleased to deposit its instrument of acceptance of the WTO Agreement on Fisheries Subsidies. This step reaffirms Bahrain’s support for the multilateral trading system and its continued engagement in international efforts to promote the sustainable use of marine resources."
Bahrain, known for its maritime tradition, sees the agreement as aligning with its Economic Vision 2030, which emphasizes sustainable development and economic diversification. “As a country with a long-standing maritime heritage, Bahrain attaches particular importance to the preservation of ocean ecosystems and the fair governance of global fisheries. The ratification of this agreement is also aligned with the Kingdom’s broader commitment to sustainable development and economic diversification, as set out in Bahrain Economic Vision 2030," Abdulla added.
The Agreement, adopted at the WTO's 12th Ministerial Conference in Geneva in June 2022, sets forth new rules prohibiting subsidies for illegal, unreported, and unregulated fishing, along with overfished stocks and unregulated high seas fishing. To effectively support developing and least-developed countries, a fund for technical assistance and capacity-building was established.
For the Agreement to be implemented, formal acceptance by two-thirds of WTO members, totaling 111 members, is required. Currently, 14 more acceptances are necessary for the Agreement to take effect. Information on how to accept the Protocol of Amendment is available to WTO members.
The ongoing negotiation efforts aim to further fortify the regulations under the Agreement, addressing any remaining fisheries subsidies issues. Bahrain's ratification underscores its dedication to contributing to these global efforts.