31 October 2023
Canadian Custom Brokerage

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

Seven members of the World Trade Organization (WTO) deposited their instruments of acceptance of the Agreement on Fisheries Subsidies on October 23, propelling the much-anticipated entry into force of the historic agreement for ocean sustainability closer to realization.

High-level officials of Albania, Australia, Botswana, Cuba, Côte d’Ivoire, the Republic of Korea, and Saint Lucia presented their instruments of acceptance to the Organization’s Director-General Ngozi Okonjo-Iweala in a ceremony as part of the two-day Senior Officials Meeting at the WTO’s headquarters in Geneva.

The latest instruments of acceptance bring the total number of WTO members that have formally accepted the Agreement to 51. This is 46% of what is needed for the Agreement to come into effect (two-thirds of the WTO membership).

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.

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