5 March 2024
Canadian Custom Brokerage

Nine more WTO members formally accept the WTO Agreement on Fisheries Subsidies

Eight members of the World Trade Organization (WTO) deposited their instruments of acceptance of the Agreement on Fisheries Subsidies on February 26 at the opening of the 13th Ministerial Conference (MC13), putting the historic agreement for ocean sustainability on track for entry into force at record pace.

Ministers of Brunei Darussalam, Chad, Malaysia, Norway, Rwanda, Saudi Arabia, Togo, and Türkiye presented their instruments of acceptance to Director-General Ngozi Okonjo-Iweala in a ceremony at MC13 taking place in Abu Dhabi, United Arab Emirates.

The next day the Philippines deposited its instrument of acceptance of the Agreement to Director-General Ngozi Okonjo-Iweala raising the number to 9 acceptances so far during MC13.

The WTO Agreement on Fisheries Subsidies aims to ensure sustainable global fisheries by establishing new multilateral trade rules on harmful fisheries subsidies, such as those related to illegal, unreported and unregulated fishing. It is the second multilateral agreement, and first environmental agreement, to be negotiated at the WTO since its inception.

The Agreement prohibits support for illegal, unreported and unregulated fishing, bans support for fishing overfished stocks and ends subsidies for fishing on the unregulated high seas.

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