As World Oceans Day approaches on June 8, the urgency of addressing global fisheries subsidies is being spotlighted by World Trade Organization (WTO) leaders. Director-General Ngozi Okonjo-Iweala and Ambassador Einar Gunnarsson of Iceland, chair of the fisheries subsidies negotiations, are calling for swift action on two critical fronts to ensure ocean sustainability: the activation of the Agreement on Fisheries Subsidies and the completion of ongoing negotiations to enhance the Agreement.
In a recent video message, DG Okonjo-Iweala emphasized the significant impact of harmful fishing subsidies. "Each year, governments worldwide allocate tens of billions of dollars to support unsustainable fishing practices. This exacerbates the overfishing crisis, with about half of assessed marine fish stocks already overfished. In 2022, a landmark agreement was reached by the WTO's 164 member governments to curb these destructive subsidies. To date, over 75 members have ratified the Agreement, but we need around 30 more to bring it into force. Accelerating the implementation of this pivotal agreement is crucial for ocean sustainability and the blue economy."
For those interested, the full text of the Agreement and the list of members who have ratified it can be found on the WTO website.
Ambassador Gunnarsson highlighted the ongoing efforts to strengthen the Agreement. "We are currently in the midst of a second wave of negotiations to introduce additional provisions. WTO members have expressed a desire to finalize these negotiations promptly, with many aiming to do so before the summer break in August. I am confident we can achieve this if we muster the necessary political will."
DG Okonjo-Iweala reiterated the importance of timely action. "Activating the Agreement on Fisheries Subsidies and concluding the second wave of negotiations are urgent tasks. Our oceans, and the millions of people whose livelihoods depend on them, cannot afford to wait."
Adopted during the WTO's 12th Ministerial Conference in Geneva, June 2022, the Agreement on Fisheries Subsidies introduces new, binding rules to reduce harmful subsidies that contribute to the depletion of global fish stocks. It also addresses the needs of developing and least-developed economies by establishing a fund to provide technical assistance and capacity-building support to help them meet their obligations.
Key elements of the Agreement include prohibiting support for illegal, unreported, and unregulated (IUU) fishing, banning subsidies for fishing overfished stocks, and ending financial support for unregulated high-seas fishing.
As negotiations continue, WTO members remain committed to adopting additional measures to strengthen these disciplines and protect the world's oceans.
#ITCNewsUpdates #BreakingNews #WTOUpdate #FisheriesSubsidies #OceanSustainability
