Nepal has ratified the World Trade Organization (WTO) Agreement on Fisheries Subsidies, bringing the total number of formal acceptances to 108. The agreement requires acceptance from two-thirds of WTO members, or 111 members, for it to enter into force.
Director-General Ngozi Okonjo-Iweala commented on Nepal’s ratification: "Only through collective action can we restore the health of our oceans – and curbing harmful fisheries subsidies is an important step to this end. I am deeply grateful to Nepal for its leadership as a landlocked least-developed country. With Nepal's ratification, we are even closer to crossing the finish line in bringing the landmark Agreement on Fisheries Subsidies into force. Only three more acceptances to go!"
Ambassador Subedi of Nepal stated: "Nepal is very pleased to deposit its instrument of acceptance of the WTO Agreement on Fisheries Subsidies today, reaffirming our commitment to a rules-based multilateral trading system. As a landlocked country, we nonetheless share with other WTO members a responsibility to ensure the sustainable use of marine resources. We believe that healthy marine ecosystems are vital for food security, environmental sustainability and the livelihoods of millions of people around the world."
The agreement was adopted by consensus at the WTO's 12th Ministerial Conference in Geneva in June 2022. It sets binding multilateral rules that prohibit subsidies contributing to illegal, unreported and unregulated fishing, overfished stocks, and fishing activities on unregulated high seas.
A fund has been established as part of the agreement to assist developing economies and least-developed countries with technical assistance and capacity-building needed for implementation after they have accepted the agreement.
In early June, a call for proposals was launched under this fund inviting eligible developing economies and LDCs that have ratified the agreement to apply for project grants supporting their implementation efforts. Applications must be submitted by October 9 through the WTO Fish Fund portal.
Negotiations among WTO members continue on remaining issues related to fisheries subsidies with an aim toward reaching consensus on further strengthening disciplines in this area.