Pakistan formally accepts WTO’s agreement on fisheries subsidies

Pakistan has officially accepted the Agreement on Fisheries Subsidies, the World Trade Organisation (WTO) announced on Thursday, bringing the total number of WTO members that have formally endorsed the agreement to 94, a significant step toward global efforts to promote sustainable fishing practices.

Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva on June 12-17 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.

Seventeen more formal acceptances are needed for the agreement to come into effect

In addition, the agreement recognises the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

Unlocking the potential of Pakistan’s fisheries sector

“Pakistan’s instrument of acceptance brings to 94 the total number of WTO members that have formally accepted the agreement. Seventeen more formal acceptances are needed for the agreement to come into effect. The agreement will enter into force upon acceptance by two-thirds of the membership,” the WTO statement read.

Speaking on the occasion, Ambassador of Pakistan to WTO Ali Sarfraz Hussain said Pakistan was delighted to deposit its instrument of ratification for the WTO agreement.

“It reflects the unwavering commitment of the Government of Pakistan to safeguard our marine resources, a vital component of our national economy and the livelihoods of our coastal communities.

“We recognise the critical role that this agreement can play in curbing harmful fishing practices and in ensuring the long-term health of our oceans. We urge all WTO members to join us in this essential global effort,” he urged.

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Okonjo-Iweala, WTO’s Director-General Ngozi, was of the view that Pakistan’s formal acceptance of the agreement had marked a vital step toward ensuring the long-term sustainability of global marine resources, while safeguarding the livelihoods and food security of the millions of people who depend on healthy fisheries.

“By joining this collective effort, Pakistan demonstrates its commitment to its coastal communities and the environment and it becomes eligible for resources from our Fish Fund. I encourage the remaining WTO members to swiftly follow suit – we need only 17 more,” she said.

The members agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the agreement.