Lao PDR formally accepts Agreement on Fisheries Subsidies
The Lao People’s Democratic Republic (PDR) deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 13 May. Ambassador Latsamy Keomany presented Lao PDR’s instrument of acceptance to Director-General Ngozi Okonjo-Iweala.
Director-General Okonjo-Iweala said: “I warmly welcome Lao PDR’s formal acceptance of the Agreement on Fisheries Subsidies. Although Lao PDR, as a landlocked least-developed country (LDC), does not have a coastline of its own, it has consistently emphasized the importance of collective solutions in our interconnected world — in this case, to ensure the sustainability of marine fisheries. Lao PDR’s commitment and support add to the momentum behind the swift entry into force of this important agreement for ocean sustainability, food security and livelihoods worldwide.”
Ambassador Keomany said: “We express our nation’s commitment to sustainable fisheries management by formally accepting the WTO Agreement on Fisheries Subsidies. This milestone underscores our dedication to combatting harmful subsidies that contribute to overfishing and environmental degradation. Being a landlocked least-developed country, Lao PDR’s proactive step demonstrates its recognition of the importance of responsible fishing practices and the need to protect marine resources globally. By depositing the instrument of acceptance, we join a global effort to promote environmental conservation and ensure a healthier and more sustainable future for our oceans.”
Lao PDR’s instrument of acceptance brings to 74 the total number of WTO members that have formally accepted the Agreement. Fourteen members from the Asia Pacific region have formally accepted the Agreement, of which two are LDCs. Thirty-six more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.
Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. In addition, the Agreement recognizes the needs of developing and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.
The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks and ends subsidies for fishing on the unregulated high seas.
Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.
