Adopted during the World Trade Organization's (WTO) 12th Ministerial Conference in June 2022, the Agreement on Fisheries Subsidies addresses some of the most damaging forms of fisheries subsidies. These include those contributing to illegal, unreported, and unregulated fishing, as well as the depletion of overfished stocks and unregulated high seas fishing.
"We are on the verge of a major milestone," stated WTO Director-General Ngozi Okonjo-Iweala. "This Agreement is not only about preserving deteriorating fish stocks: it is about people's livelihoods and food security. It's about responding to problems of the global commons — and demonstrating that the multilateral trading system is delivering global public goods. We need 12 more acceptances to bring it into force. It is now time for the remaining parliaments to take action. This is about improving economic and environmental sustainability — it would be wonderful if we can get this done in time for next month's 2025 United Nations Oceans Conference in France."
Martin Chungong, Secretary General of the Inter-Parliamentary Union (IPU), emphasized: "Parliaments are the vital link between global agreements and national action. By ratifying this Agreement, they can help restore marine ecosystems, support livelihoods and show that multilateralism works."
The joint appeal from Okonjo-Iweala and Chungong follows a letter sent in September 2023 urging parliamentarians to promote ratification efforts for the Fisheries Subsidies Agreement.
The upcoming United Nations Oceans Conference, scheduled from June 9 to 13 in Nice, France, provides an opportunity for political momentum toward ratification. A swift entry into force would signal global commitment to Sustainable Development Goal 14.6, which seeks to eliminate harmful fisheries subsidies.
The Agreement has demonstrated that WTO members can achieve significant multilateral outcomes despite geopolitical tensions and economic challenges. Finalizing negotiations on additional disciplines addressing subsidies that contribute to overcapacity and overfishing could further enhance sustainability efforts.
Coastal communities in small vulnerable economies (SVEs) and least-developed countries (LDCs), heavily reliant on marine resources for food security and employment, stand to benefit significantly from this Agreement. Many SVEs and LDCs have already ratified it, recognizing its potential impact on marine ecosystems and ocean governance fairness.
The WTO Fisheries Funding Mechanism (Fish Fund) will become operational once the Agreement takes effect. In collaboration with international partners, it will provide technical assistance to developing economies that have ratified the Agreement.
The WTO Secretariat and IPU remain committed to supporting national and regional parliaments through technical briefings, outreach activities, and targeted support for swift ratification and effective implementation of the Agreement.