On April 11, the United States deposited its instrument of acceptance for the Agreement on Fisheries Subsidies, becoming the fourth member of the World Trade Organization (WTO) to do so.
The Agreement aims to reduce harmful fishing subsidies that contribute to overfishing and depletion of fish stocks, and is seen as a crucial step towards sustainable ocean management.
The United States’ acceptance of the Agreement is significant as it is the first major fishing nation to do so, and its formal acceptance marks an important milestone in the Agreement’s path towards entry into force. The Director-General of the WTO, Ngozi Okonjo-Iweala, hailed the moment as pivotal for ocean sustainability.
The Agreement requires acceptance by two-thirds of WTO members for it to come into effect. With the United States’ acceptance, along with those of Iceland, Norway, and Fiji, the number of acceptances now stands at four. The WTO has called for all members to accept the Agreement by the 12th Ministerial Conference in November 2021.
The Agreement aims to curb harmful fishing subsidies that contribute to overfishing and depletion of fish stocks. Such subsidies have been estimated to amount to up to $35 billion annually, with developing countries being the largest beneficiaries. The Agreement includes provisions for eliminating or reforming subsidies that contribute to overfishing, overcapacity, and illegal, unreported and unregulated fishing.
The United States’ acceptance of the Agreement is seen as a positive step towards sustainable ocean management, and provides hope for the Agreement’s eventual entry into force.
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