Nicaragua has become the 101st member of the World Trade Organization (WTO) to formally accept the Agreement on Fisheries Subsidies. This development brings the WTO closer to implementing new rules aimed at restoring marine life.
Director-General Okonjo-Iweala remarked, "WTO members' adoption of this landmark Agreement in 2022 set us on a more sustainable path toward restoring the abundance and vitality of our oceans." She emphasized that Nicaragua's acceptance marks significant progress, noting, "We now need just 10 more acceptances to cross the finish line!"
The acceptance also enables the WTO Fish Fund to invite proposals from developing and least-developed countries for technical assistance and capacity-building related to the Agreement.
Ambassador Bohorquez Palacios stated, "Our acceptance of the Agreement on Fisheries Subsidies reaffirms Nicaragua's support for the rules-based multilateral trading system and our commitment to international efforts to promote the sustainable use of marine resources."
For this Agreement to take effect, formal acceptances from two-thirds of WTO members are required, totaling 111 members. The current list includes 101 accepted instruments.
At its 12th Ministerial Conference in June 2022 in Geneva, WTO ministers agreed on new multilateral rules targeting harmful fisheries subsidies. These include prohibitions on subsidies for illegal fishing activities and unregulated high seas fishing. A fund was established during this conference to assist developing economies with implementing these obligations.
Further negotiations are ongoing among WTO members to address remaining issues concerning fisheries subsidies, with an aim for consensus on additional provisions.