The World Trade Organization’s (WTO) Agreement on Fisheries Subsidies, which will enter into force on 15 September, is a “landmark instrument” in tackling harmful subsidy practices that contribute to overfishing, the International Institute for Sustainable Development (IISD) has said.
Patricia Fuller, president and CEO of the ISSD was commenting following confirmation by the WTO that the Agreement on Fisheries Subsidies, which was adopted at the 12th Ministerial Conference (MC12) in June 2022, will enter into force this month, as the ‘first WTO multilateral agreement with environmental sustainability at its core’.
‘Working closely’
“We’re delighted that this landmark instrument for ocean sustainability will come into effect,” Fuller commented. “Throughout the negotiations, our experts worked closely with governments to support the conclusion of the agreement, and then helped officials prepare for ratification and implementation. We warmly congratulate WTO Members on this historic achievement.”
The agreement prohibits subsidies to vessels and operators engaged in illegal, unreported, and unregulated (IUU) fishing, as well as banning subsidies for fishing overexploited stocks when no rebuilding measures are in place and for unregulated fishing on the high seas.
Following the agreement’s entry into force, WTO members that have ratified the deal are now legally bound to put these disciplines into force via their national laws and policies.
The IISD has developed a self-assessment tool to help governments identify current gaps and assistance needs.
‘A critical milestone’
“The entry into force of the agreement is a critical milestone, clearly demonstrating the value of multilateralism, but the work does not end here,” added Alice Tipping, director of trade and sustainable development at IISD. “The focus must now shift to full implementation, robust transparency, and continued negotiations to strengthen the agreement with additional disciplines.”
Negotiations on fisheries subsidies commenced at the WTO all the way back in 2001 and gained renewed momentum in 2015, when the United Nations included a specific target in the Sustainable Development Goals (SDG 14.6) calling for the prohibition of harmful subsidies. Read more here.
