This agreement establishes disciplines for limiting subsidies on the high seas, strengthening the fight against illegal, unreported, and unregulated fishing, and reducing harmful subsidies that negatively impact fish stocks and marine ecosystems.
Colombia formally accepted the World Trade Organization (WTO) fisheries subsidies agreement on Monday, having deposited its instrument of acceptance.
Colombia's instrument of acceptance brings the total number of WTO members that have formally accepted the agreement to 93. Eighteen more formal acceptances are required for its entry into force. The Agreement will enter into force upon acceptance by two-thirds of the members.
This agreement, the first in the organization's history with an environmental and sustainability focus, establishes disciplines for limiting subsidies on the high seas, strengthening the fight against illegal, unreported, and unregulated (IUU) fishing, and reducing harmful subsidies that negatively impact fish stocks and marine ecosystems.
The agreement also recognizes the importance of preserving the regulatory space necessary to promote sustainable fishing and support artisanal fishers, whose livelihoods depend directly on the health of the oceans.
Adopted by consensus at the WTO's Twelfth Ministerial Conference (MC12), the Fisheries Subsidies Agreement establishes new binding multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of global fish stocks.
Furthermore, 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 fish stocks, and unregulated high seas fishing.
WTO Director-General Okonjo-Iweala thanked Colombia for its acceptance and highlighted its commitment to advancing ocean sustainability and protecting the livelihoods of those who depend on them.
For his part, Colombia's permanent ambassador to the WTO, Mauricio Alberto Bustamante, stated that this acceptance symbolizes the country's commitment to the conservation of marine resources and the drive for more sustainable and equitable fishing within the framework of clear and predictable multilateral rules.
"Colombia reaffirms its commitment to sustainable development and the responsible management of fisheries resources, while contributing to the revitalization of a rules-based multilateral trading system, promoting greater certainty, transparency, and equity in global trade," he emphasized.
