WTO says Pakistan accepts agreement on fisheries subsidies

BERLIN:

The World Trade Organisation (WTO) said on Thursday that Pakistan has formally accepted the agreement on fisheries subsidies.

Pakistan deposited its instrument of acceptance of the Agreement on Fisheries Subsidies. Ambassador Ali Sarfraz Hussain presented Pakistan's instrument of acceptance to Director-General Ngozi Okonjo-Iweala.

DG Okonjo-Iweala said: "Pakistan's formal acceptance of the Agreement on Fisheries Subsidies marks 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."

Ambassador Hussain said: "Pakistan is delighted to deposit its instrument of ratification for the WTO Agreement on Fisheries Subsidies. 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 recognize 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."

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.

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.