Zambia Joins Global Efforts to Combat Overfishing through WTO Agreement on Fisheries Subsidies

Strategic Insights -

The World Trade Organization (WTO) has announced that Zambia has formally accepted the Agreement on Fisheries Subsidies, taking the organization closer to adding the agreement to its rulebook. The accord aims to curb harmful fisheries subsidies and promote fair trade, particularly for small-scale fishing communities. With Zambia's ratification, the WTO is now only six ratifications away from bringing the agreement into effect.

Key Takeaways:

  • Zambia is one of the 105 WTO members that have deposited their instruments of acceptance with the WTO, bringing the organization closer to adding the Agreement on Fisheries Subsidies to its rulebook.
  • The Agreement prohibits subsidies for illegal, unreported, and unregulated fishing, overfished stocks, and fishing on the unregulated high seas.
  • The WTO has established a fund, the Fish Fund, to provide technical assistance and capacity-building to developing economies and least-developed countries to help them implement the new obligations.
  • The WTO Fish Fund has launched a Call for Proposals on 6 June, inviting developing economies and LDCs to submit requests for project grants aimed at helping them implement the Agreement.
  • The WTO members have agreed to continue negotiating on remaining fisheries subsidies issues to find consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.
  • Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force, representing 111 members.
  • The entry into force of the Agreement will strengthen the rules-based multilateral trading system, with the World Trade Organization at the center.

Statistics:

  • 105 WTO members have deposited their instruments of acceptance with the WTO.
  • 111 ratifications are required for the Agreement to enter into force.
  • The WTO Fish Fund has launched a Call for Proposals on 6 June.
  • The Agreement on Fisheries Subsidies aims to curb environmentally harmful fisheries subsidies.
  • The agreement prohibits subsidies for illegal, unreported, and unregulated fishing.

Sources:

  • WTO - 12th Ministerial Conference (MC12) held in Geneva in June 2022
  • WTO - Agreement on Fisheries Subsidies
  • WTO - Fish Fund portal
  • WTO - Information for members on how to accept the Protocol of Amendment