MercoPress. South Atlantic News Agency

Argentina accepts Agreement on Fisheries Subsidies, five remaining for entry into force

Ambassador Lunazzi: This firm commitment to fairer and freer trade not only strengthens our economy, but also protects the marine resources in the South Atlantic

Argentina deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 22 July. Ambassador Gustavo Lunazzi presented Argentina’s instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala. Just five more acceptances are needed for the Agreement to enter into force.

DG Okonjo-Iweala said: “I warmly welcome Argentina's formal acceptance of the WTO Agreement on Fisheries Subsidies. As one of the world's leading fishing nations and exporters, Argentina's commitment underscores this Agreement's importance for protecting marine ecosystems and promoting responsible practices for people's livelihoods and food security. This milestone brings us closer to the shared goal of curbing harmful fisheries subsidies worldwide: we are only five ratifications away from the Agreement entering into force.”

Ambassador Lunazzi said: “Today, with the deposit of the instrument of ratification of the Agreement on Fisheries Subsidies, the Argentine Republic is taking an important step. This firm commitment to fairer and freer trade not only strengthens our economy, but also protects the marine resources in the South Atlantic, preserving them for future generations. We look forward to the rapid entry into force of this Agreement, which reflects the collaborative spirit of WTO members and their commitment to the founding principles of the Organization.”

Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force — representing 111 members. The list of the 106 WTO members which have deposited their instruments of acceptance is available at the WTO site.

At the WTO's 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted by consensus the Agreement on Fisheries Subsidies, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.

Ministers also recognized the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement to implement the new obligations.

The Fish Fund launched a Call for Proposals on 6 June, inviting developing economies and LDCs that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. Check the WTO Fish Fund portal.

WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues. The objective is to find consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.