In a significant stride towards global maritime sustainability, Cambodia has officially accepted the Agreement on Fisheries Subsidies, as confirmed by Minister of Commerce Cham Nimul. The formal acceptance was facilitated through a presentation of Cambodia's instrument of acceptance to Deputy Director-General Angela Ellard.
This acceptance places Cambodia among the 73 World Trade Organization (WTO) members that have formally endorsed the agreement. The agreement, aiming to enter into force with the acceptance of two-thirds of the WTO membership, is crucial for regulating harmful subsidies that contribute to illegal, unreported, and unregulated fishing activities.
Deputy Director-General Ellard expressed her appreciation for Cambodia’s commitment, highlighting the critical role fisheries play in the nation's food security and economic growth. She noted that Cambodia's involvement is particularly significant as it exemplifies the proactive engagement of least-developed countries in international efforts to preserve ocean health.
Minister Cham emphasized Cambodia's dedication to the multilateral trading system, stating that the country's acceptance is a testament to its ongoing efforts to protect marine resources essential for supporting the livelihoods of approximately 260 million people globally. He stressed the urgency of implementing the agreement to protect diminishing marine stocks.
Adopted at the WTO's 12th Ministerial Conference in Geneva, the Agreement on Fisheries Subsidies introduces binding, multilateral rules aimed at curbing subsidies that deplete global fish stocks. It also acknowledges the special needs of developing and least-developed countries by setting up a fund for technical assistance and capacity building.
The agreement not only prohibits support for illegal fishing activities but also includes provisions to end subsidies for fishing overfished stocks and on the unregulated high seas. Further negotiations are ongoing to address additional issues and enhance the disciplines of the Agreement.
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