Benin and Sierra Leone formally accept Fisheries Subsidies Agreement, bringing tally to 80

Benin and Sierra Leone deposited their instruments of acceptance of the Agreement on Fisheries Subsidies on 19 July, advancing the tally of formal acceptances to 80. Ambassador Corinne Brunet of Benin and Ambassador Lansana Gberie of Sierra Leone presented the instruments of acceptance to Director-General Ngozi Okonjo-Iweala.

Director-General Okonjo-Iweala said: “I am delighted to receive formal acceptances of the Agreement on Fisheries Subsidies from Benin and Sierra Leone. Their support underlines the importance that they, as least-developed members, place on this Agreement and on global cooperation for upholding ocean sustainability and combatting illegal, unreported and unregulated fishing, to support livelihoods and food security in West Africa and around the world. I hope the remaining WTO members — and we need only 30 more — will quickly follow the leadership of Benin and Sierra Leone, so that this landmark agreement enters into force soon.”

Ambassador Brunet said: “By accepting the Agreement on Fisheries Subsidies, Benin contributes to achieving a major and historic outcome for WTO members, underscoring our determination to combine economic prosperity with sustainable preservation of marine resources. This is a crucial step in our pursuit for balanced and environmentally respectful development. We are committed to fostering economic prosperity while safeguarding our natural capital for future generations. We call on all WTO members to work towards the swift entry into force of the Agreement on Fisheries Subsidies by accelerating their national ratification processes.”

Ambassador Gberie said: “Sierra Leone’s ratification of this landmark fisheries subsidies agreement is a testament to our commitment to multilateralism, to the principles of sustainability and conservation, and to the fair and responsible exploitation of our natural resources. This ratification is firmly in keeping with our national policies, both economic and social, with a focus on preserving marine biodiversity, promoting sustainable fishing practices, and supporting the livelihoods of our fishing communities, some of which are under existential threats from foreign poachers and the adverse effects of climate change. With this instrument, we also commit to forging ahead with the second wave of negotiations, striving to achieve a meaningful agreement sooner rather than later. So, we call upon other countries that have not done so, particularly African and small coastal states like ours, to ratify this important agreement while engaged in further negotiations.”

These two deposits of instruments of acceptance bring to 80 the total number of WTO members that have formally accepted the Agreement. Fifteen African members have formally accepted the Agreement, of which nine are least-developed countries. Thirty 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 economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and 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.

The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.

Source : WTO