WTO Director-General Okonjo-Iweala said the organisation welcomed the Central American country's decision "with great satisfaction".
Guatemala formally accepted the World Trade Organization (WTO) agreement on fisheries subsidies on Monday, after the country deposited its instrument of acceptance.
WTO Director-General Okonjo-Iweala said the organisation welcomed Guatemala's formal acceptance of the fisheries subsidies agreement with "great satisfaction".
"Guatemala's diverse marine ecosystems illustrate the importance of thriving fisheries for biodiversity, food security and employment in coastal communities. This commitment is an important step toward strengthening environmental and economic resilience in Guatemala and around the world," he said.
For his part, Guatemala's permanent ambassador to the WTO, R. Sperisen-Yurt, has highlighted that by accepting the WTO Agreement on Fisheries Subsidies, Guatemala reaffirms its commitment to sustainability and responsible governance of marine resources.
"By depositing our instrument of acceptance, Guatemala joins the international community in the fight against illegal, unreported and unregulated fishing, recognizing the importance of the fishing sector for the country's food security and economic development," he said.
With Guatemala's instrument of acceptance, the total number of WTO members that have formally accepted the agreement rises to 92.
Nineteen more formal acceptances are needed for the agreement to enter into force. The agreement will enter into force when it is accepted by two-thirds of the members.
The fisheries subsidies agreement, adopted by consensus at the WTO's 12th Ministerial Conference in Geneva from 12 to 17 June 2022, sets out new binding multilateral rules to curb harmful subsidies, which are a key driver of 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 meet their obligations.
The agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, fishing for overexploited stocks and unregulated high seas fishing.
Members also agreed to continue negotiations on outstanding issues, with a view to adopting additional provisions to further enhance the disciplines of the agreement.
