Peru deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 19th July, bolstering the ranks of leading marine fishing producers that have affirmed support for the historic agreement for ocean sustainability.
‘I warmly welcome Peru’s formal acceptance of the WTO Agreement on Fisheries Subsidies. Peru’s status as one of the leading marine fishing producers is a strong signal of the importance of the Agreement for global fisheries sustainability,’ said WTO DG Okonjo-Iweala as Minister of Foreign Affairs Ana Cecilia Gervasi Díaz presented Peru’s instrument of acceptance in Geneva.
‘This action serves as tremendous impetus to the growing support for urgent implementation of this agreement. By curbing harmful fisheries subsidies globally, we are taking an important step towards safeguarding the exports, livelihoods and food security of the people in Peru and across the world.’
Peru’s instrument of formal acceptance is the 14th instrument received by the WTO. Over one third of the acceptances needed for the Agreement to enter into force are now in hand. The list of members that have deposited their instruments of acceptance of the Agreement is available here.
Acceptances from two-thirds of WTO members are needed for the Agreement to come into effect.
‘Peru is an important fishing leader country. According to the FAO’s 2022 report on the state of world fisheries, we are the third most relevant marine fisheries power in the world due to our privileged geographical location and the presence of the Humboldt Current, which provides a wide diversity and large populations of resources. This advantage has helped us to become a highly productive country with a longstanding historical fisheries tradition that dates back to pre-Hispanic times, thanks to our rich marine fauna on our coasts,’ commented Minister Ana Cecilia Gervasi.
‘The ratification of this Agreement is an example of the responsibility of my country towards the multilateral trading system. We are honoured to be the first Latin American member to deposit the instrument of ratification of the Agreement on Fisheries Subsidies, and we trust that with this act we will motivate the rest of the membership towards a prompt entry into force of this Agreement.’
Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12) held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. In addition, the Agreement recognises the needs of developing and least-developed countries (LDCs) and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.
The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas.
Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to making recommendations by MC13, to be held in February 2024 in Abu Dhabi, United Arab Emirates, for additional provisions that would further enhance the disciplines of the Agreement.