GENEVA, Sept. 15 — The World Trade Organization (WTO) on Monday marked the entry into force of the milestone Agreement on Fisheries Subsidies, the WTO’s first multilateral agreement with environmental sustainability at its core.
At a special General Council meeting, WTO Director-General Ngozi Okonjo-Iweala received the instruments of acceptance from Brazil, Kenya, Vietnam, 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.
Hailing the achievement as “a landmark for global trade governance,” Okonjo-Iweala said that the achievement is not only for the planet and the oceans, but for people everywhere, especially for the younger generations.
Adopted at the WTO’s 12th Ministerial Conference (MC12) in June 2022, the Agreement on Fisheries Subsidies sets binding and multilateral rules to curb harmful fisheries subsidies. It prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force, representing 111 members.
China formally accepted the WTO Agreement on Fisheries Subsidies in 2023. (Xinhua)
