The Director-General, World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the United States’ (U.S.) acceptance of the agreement to cut subsidies contributing to overfishing. It is the first large fishing nation to do so.
The agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for overfished stocks, and ends subsidies for fishing on the unregulated high seas.
The U.S. deposited its instrument of acceptance for the Agreement on Fisheries Subsidies, making it the fourth WTO member, and the first among the large fishing nations, to do so.
The acceptance by the U.S. marks a pivotal moment for the approaching entry into force of the landmark agreement for ocean sustainability, said Okonjo-Iweala as she received the instrument from U.S. Trade Representative Ambassador Katherine Tai in Washington, D.C.
Acceptances from two-thirds of WTO members are needed for the agreement to come into effect.
Mrs Okonjo-Iweala said: “I am delighted and grateful to receive the United States’ formal acceptance of the WTO’s Agreement on Fisheries Subsidies.”
This strong show of support by the United States for the WTO’s work toward ocean sustainability marks a pivotal increase in momentum among the membership to ensure this landmark agreement enters into force.
US leadership is vital to the WTO and to multilateralism. I look forward to continuing to work with the US to ensure that the WTO responds to the needs of people and the planet.”
US Trade Representative Katherine Tai said: “The United States has been a leader in protecting our shared environment from harmful and unsustainable practices, including our oceans and marine resources-and those whose livelihoods depend on them.”
“We are proud to be among the first WTO members to accept this agreement, which is the first ever multilateral trade agreement with environmental sustainability at its core.
It will help improve the lives of fishers and workers here in the United States and elsewhere, and we look forward to building on this agreement with other WTO members,” Ambassador Tai said.
Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12) held in Geneva on 12-17 June last year,, 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 (LDCs) and establishes a Fund to provide technical assistance and capacity building to help them implement the obligations.
Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to making recommendations by MC13 for additional provisions that would further enhance the disciplines of the agreement.
Global subsidies are estimated at $35.4 billion. A 2019 study published in Marine Policy listed the top five subsidisers as China, the EU, the US, South Korea and Japan.
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