Georgia has officially ratified the Agreement on Fisheries Subsidies, a move that aligns with its commitment to international trade regulations and sustainable marine resource management. The announcement was made following Georgia's deposit of its instrument of acceptance for the agreement.
Director-General Okonjo-Iweala remarked, "Georgia's ratification brings us closer to making this Agreement a powerful demonstration of how multilateral cooperation can advance the global common good. Together, we can magnify our impact to improve ocean sustainability – for people and for our shared planet. Only 13 more acceptances to go!"
Deputy Minister Arveladze emphasized Georgia's dedication to fulfilling World Trade Organization (WTO) commitments: "Georgia has always been a top performer in implementing WTO commitments in full. By depositing its instrument of acceptance of the Agreement on Fisheries Subsidies today, Georgia is clearly demonstrating its firm support for the rules-based multilateral trading system. This step reaffirms our continued engagement in international efforts to promote the sustainable and responsible use of marine resources."
The agreement requires formal acceptances from two-thirds of WTO members, equating to 111 members, before it can be enacted. It was adopted at the WTO's 12th Ministerial Conference (MC12) in Geneva in June 2022. The agreement introduces binding rules aimed at reducing harmful fisheries subsidies by prohibiting subsidies for illegal, unreported, and unregulated fishing activities.
Additionally, the agreement addresses overfishing concerns by banning subsidies for fishing overfished stocks and unregulated high seas fishing. Recognizing challenges faced by developing economies and least-developed countries, a fund has been established to assist these nations with technical assistance and capacity-building as they implement new obligations under the agreement.
WTO members also agreed during MC12 to continue negotiations on unresolved issues related to fisheries subsidies with an aim to strengthen these disciplines further.
Information regarding member acceptance of the Protocol of Amendment is available through official channels.