Chile has formally embraced the Agreement on Fisheries Subsidies by depositing its instrument of acceptance on December 12. The Undersecretary of International Economic Relations, Claudia Sanhueza Riveros, presented the instrument to WTO Director-General Ngozi Okonjo-Iweala.
The move signifies Chile’s commitment to curbing harmful subsidies in the fishing industry, considering its prominent role as one of the world’s leading fishing nations.
Director-General Okonjo-Iweala welcomed Chile’s acceptance, recognizing the country’s significance in the fishing sector, which plays a vital role in job creation. She emphasized the importance of regulating fisheries subsidies to preserve marine resources and protect the livelihoods of those dependent on sustainable fisheries.
Sanhueza expressed Chile’s satisfaction with depositing the agreement on the elimination of industrial fisheries subsidies, emphasizing its importance for Pacific countries grappling with overexploitation of marine ecosystems. The agreement addresses global challenges related to environmental sustainability and ocean preservation.
Chile’s acceptance brings the total number of WTO members officially supporting the Agreement to 53, nearly half of the required number for it to become effective (two-thirds of WTO membership).
The Agreement on Fisheries Subsidies, adopted at the WTO’s 12th Ministerial Conference in June 2022, establishes binding multilateral rules to combat harmful subsidies, a major contributor to the depletion of global fish stocks. The accord takes into account the needs of developing and least-developed countries, offering a fund for technical assistance and capacity building to help them meet their obligations.
The agreement specifically outlaws support for illegal, unreported, and unregulated (IUU) fishing, prohibits subsidies for overfished stocks, and terminates support for fishing on the unregulated high seas.
Members also agreed to continue negotiations on unresolved issues, aiming to make recommendations by the 13th Ministerial Conference scheduled for February 2024 in Abu Dhabi, United Arab Emirates, with the goal of further enhancing the Agreement’s effectiveness.