WTO fisheries subsidies deal enters into force, hailed as landmark for sustainability

GENEVA

The World Trade Organization's Agreement on Fisheries Subsidies entered into force on Monday, marking the first multilateral trade pact focused on environmental sustainability.

The deal prohibits subsidies that fuel illegal, unreported, and unregulated fishing or that target overfished stocks and unregulated high seas.

The WTO said in a statement that the agreement commits members to curbing billions of dollars in harmful subsidies that contribute to the depletion of marine resources.

"This Agreement demonstrates how you can put trade in the service of both people and planet," WTO Director-General Ngozi Okonjo-Iweala said, calling it a "landmark for global trade governance."

She added: "At a time when the international trading system faces profound challenges, the Agreement on Fisheries Subsidies sends a powerful signal that WTO members can work together."

The pact crossed the required threshold after Brazil, Kenya, Vietnam, and Tonga deposited instruments of acceptance, with Mali and Oman expected to follow shortly.

Members pledged to implement the agreement swiftly, with several committing support for developing economies through the WTO Fish Fund, which has received more than $18 million in pledges.

The agreement, adopted at the WTO's 12th Ministerial Conference in 2022, comes as 35.5% of global fish stocks are overfished, compared with just 10% in 1974.