Argentina has formally accepted the World Trade Organization (WTO) Agreement on Fisheries Subsidies, marking a significant step towards the agreement's entry into force. This development leaves only five more ratifications needed for the agreement to be enacted.
Director-General Ngozi Okonjo-Iweala expressed her approval, stating: "I warmly welcome Argentina's formal acceptance of the WTO Agreement on Fisheries Subsidies. As one of the world's leading fishing nations and exporters, Argentina's commitment underscores this Agreement's importance for protecting marine ecosystems and promoting responsible practices for people's livelihoods and food security. This milestone brings us closer to the shared goal of curbing harmful fisheries subsidies worldwide: we are only five ratifications away from the Agreement entering into force."
Ambassador Lunazzi emphasized Argentina's dedication by saying: "Today, with the deposit of the instrument of ratification of the Agreement on Fisheries Subsidies, the Argentine Republic is taking an important step. This firm commitment to fairer and freer trade not only strengthens our economy but also protects the marine resources in the South Atlantic, preserving them for future generations. We look forward to the rapid entry into force of this Agreement, which reflects the collaborative spirit of WTO members and their commitment to the founding principles of the Organization."
The agreement requires formal acceptances from two-thirds of WTO members—equivalent to 111 members—for it to come into effect. Currently, 106 WTO members have deposited their instruments of acceptance.
The Agreement on Fisheries Subsidies was adopted at WTO's 12th Ministerial Conference (MC12) in Geneva in June 2022. It sets new rules aimed at reducing harmful fisheries subsidies by prohibiting support for illegal, unreported, and unregulated fishing activities.
Ministers acknowledged developing economies' needs by establishing a fund to provide technical assistance and capacity-building for governments that have accepted these new obligations.
The Fish Fund issued a Call for Proposals on June 6th inviting developing economies and least-developed countries that have ratified the agreement to submit project grant requests.
Additionally, WTO members agreed at MC12 to continue negotiations on unresolved fisheries subsidy issues with an aim toward reaching consensus on further strengthening subsidy regulations.