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At the meeting, Director-General Ngozi Okonjo-Iweala received the instruments of acceptance of the Agreement from Brazil, Kenya, and Viet Nam and Tonga, bringing the total number of acceptances over the threshold of two-thirds of WTO members needed for the Agreement to enter into force.
The World Trade Organization is celebrating a landmark fisheries deal aimed at curbing subsidies that contribute to the depletion of fish stocks. It’s the first agreement for the global trade body to have environmental sustainability at its core.
At a special General Council meeting recently, World Trade Organization (WTO) members celebrated the entry into force of the WTO Agreement on Fisheries Subsidies, which commits members to curbing billions of dollars in annual spending on the most harmful subsidies that contribute to the depletion of marine fish stocks.
The Agreement on Fisheries Subsidies is the WTO’s first multilateral agreement with environmental sustainability at its core. It prohibits government support to illegal fishing activities and overexploitation of stocks, contributing to the protection of marine life.
At the meeting, Director-General Ngozi Okonjo-Iweala received the instruments of acceptance of the Agreement from Brazil, Kenya, and Viet Nam and Tonga, bringing the total number of acceptances over the threshold of two-thirds of WTO members needed for the Agreement to enter into force.
DG Okonjo-Iweala signed the official depositary notification of the Agreement’s entry into force and handed it to General Council Chair Ambassador Saqer Abdullah Almoqbel of Saudi Arabia, marking the official integration of the Agreement into the WTO legal framework.
Members hailed the Agreement as a major milestone for the WTO, emphasizing that it confirms their commitment to the multilateral trading system and to a more sustainable planet. They also pledged to start implementing the Agreement, underscoring the key role it will play in restoring fish stocks, protecting the livelihoods of fishing communities and promoting food security.
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It is estimated that subsidies to marine fishing activities total USD 35 billion per year globally. Of this amount, around USD 22 billion are considered to be harmful, contributing to the depletion of marine stocks.
