Argentina has deposited its instrument of acceptance of the Agreement on Fisheries Subsidies with the WTO. Ambassador Gustavo Lunazzi presented Argentina’s instrument of acceptance to WTO director-general Ngozi Okonjo-Iweala.
Acceptance by just five more nations is needed for the agreement to enter into force.
‘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,’ said WTO DG Okonjo-Iweala.
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 recognised 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.
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.
‘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,’ commented Ambassador Lunazzi.
‘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 Organisation.’
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force — representing 111 members. 106 WTO members have so far deposited instruments of acceptance with the WTO.
