Agreement on Fisheries Subsidies has been formally accepted by New Zealandadmin2019
New Zealand accepted the Agreement on Fisheries Subsidies on September 6th, becoming the first country from the Oceania region to do so. Trade and Export Growth Minister Damien O’Connor and Director-General Ngozi Okonjo-Iweala celebrated the achievement in a virtual meeting. New Zealand’s contribution of CHF 100,048 to the WTO Fisheries Funding Mechanism was praised by DG Okonjo-Iweala.
New Zealand is the first country from Oceania region to accept the Agreement on Fisheries Subsidies, showing their commitment to sustainable fishing. DG Okonjo-Iweala praised their contribution to the WTO Fisheries Funding Mechanism and thanked them for their generous donation. She hopes this will inspire others to join in the effort towards ocean sustainability. New Zealand ratified the Agreement on Fisheries Subsidies, which prohibits harmful fishing practices and subsidies. They are the first country in Oceania to do so. This will help address sustainability challenges and inspire other countries to follow suit. The agreement recognizes the needs of developing countries and establishes a fund to provide technical assistance. Negotiations will continue to enhance the agreement’s disciplines. New Zealand has deposited its instrument of acceptance for the WTO Agreement on Fisheries Subsidies, which aims to prohibit harmful subsidies to illegal, unreported and unregulated fishing, fishing overfished stocks, and fishing on the unregulated high seas.
The Agreement recognizes the needs of developing and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations. The Agreement was adopted by consensus at the WTO’s 12th Ministerial Conference and sets new binding, multilateral rules to curb harmful subsidies. Acceptances from two-thirds of WTO members are needed for the Agreement to come into effect. Negotiations on outstanding issues will continue with a view to making recommendations by MC13 in February 2024.
To enhance and adjust the legislative and administrative frameworks, transparency and notification requirements, and fisheries management policies and practices for WTO members, the new Agreement on Fisheries Subsidies will be implemented. This will include the creation of a funding mechanism under Article 7 of the Agreement, which will provide technical assistance and capacity building for developing and least-developed country members with implementation. In collaboration with partner organizations, namely the Food and Agriculture Organization (FAO) of the United Nations, the International Fund for Agricultural Development, and the World Bank Group, the WTO will operate the fund and leverage its own expertise to provide relevant assistance.
Picture and Article Source: The World Trade Organization