Nepal accepts WTO Agreement on Fisheries Subsidies, three remaining for entry into force
On 18 August, WTO Director-General Ngozi Okonjo-Iweala received Nepal’s instrument of acceptance of the Agreement on Fisheries Subsidies from Nepal’s WTO Ambassador Ram Prasad Subedi. Just three more acceptances are needed for the Agreement to enter into force.
Nepal accepts WTO Agreement on Fisheries Subsidies, three remaining for entry into force
Nepal accepts WTO Agreement on Fisheries Subsidies, three remaining for entry into force
DG Okonjo-Iweala said: “Only through collective action can we restore the health of our oceans – and curbing harmful fisheries subsidies is an important step to this end. I am deeply grateful to Nepal for its leadership as a landlocked least-developed country. With Nepal’s ratification, we are even closer to crossing the finish line in bringing the landmark Agreement on Fisheries Subsidies into force. Only three more acceptances to go!”
Ambassador Subedi said: “Nepal is very pleased to deposit its instrument of acceptance of the WTO Agreement on Fisheries Subsidies today, reaffirming our commitment to a rules-based multilateral trading system. As a landlocked country, we nonetheless share with other WTO members a responsibility to ensure the sustainable use of marine resources. We believe that healthy marine ecosystems are vital for food security, environmental sustainability and the livelihoods of millions of people around the world.”
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force — representing 111 members. The list of the 108 WTO members which have deposited their instruments of acceptance with the WTO can be found here.
At the WTO’s 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted the Agreement on Fisheries Subsidies by consensus, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Ministers also recognized the needs of developing economies and least-developed countries (LDCs) by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement to implement the new obligations.
In early June, the Fish Fund launched a Call for Proposals inviting developing economies and LDCs that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. Applications are due by 9 October. The WTO Fish Fund portal can be found here.
WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues with the aim of finding consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.
