Panama has officially accepted the World Trade Organization's (WTO) Agreement on Fisheries Subsidies, marking a significant step towards its implementation. The agreement aims to curb harmful fishing subsidies and promote ocean health. "Panama's formal acceptance of the Agreement on Fisheries Subsidies is a welcome step towards its entry into force," stated WTO Director-General Okonjo-Iweala. She added that only nine more acceptances are needed for the agreement to be enacted.
H.E. Minister Moltó emphasized Panama's commitment, saying, "The WTO and multilateral trade rules provide tools for the sustainable use of our natural resources in support of our social and economic development objectives. The Agreement on Fisheries Subsidies is a clear example."
To activate the agreement, formal acceptances from two-thirds of WTO members, or 111 members, are required. Currently, 102 members have submitted their instruments of acceptance.
The agreement was adopted during the WTO's 12th Ministerial Conference (MC12) in Geneva in June 2022. It sets new binding rules prohibiting subsidies for illegal, unreported, and unregulated fishing activities, as well as fishing overfished stocks and on unregulated high seas.
Ministers also addressed the needs of developing economies and least-developed countries by establishing a fund for technical assistance and capacity-building to help implement these obligations. The Fish Fund has launched a Call for Proposals inviting eligible countries to submit requests for project grants.
Additionally, WTO members agreed at MC12 to continue negotiations on unresolved fisheries subsidies issues with an aim to further strengthen related disciplines.