Ecuador has officially ratified the World Trade Organization’s (WTO) Agreement on Fisheries Subsidies, marking a significant step in global efforts to regulate harmful fishing practices. Ambassador José Valencia presented Ecuador’s instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala, further cementing the country’s commitment to sustainable fisheries management.
Director-General Okonjo-Iweala lauded Ecuador’s decision, highlighting its role as a major tuna exporter and custodian of the Galapagos Islands. She emphasized that the agreement would not only protect marine ecosystems but also provide long-term economic benefits for Ecuador by curbing detrimental subsidies that contribute to overfishing and depletion of fish stocks.
Ambassador Valencia reaffirmed Ecuador’s dedication to ocean sustainability, noting that the agreement aligns with Sustainable Development Goal 14.6, which calls for the conservation of marine resources. He emphasized that the deal would enhance the livelihoods of those reliant on fishing, particularly vulnerable communities, by prohibiting subsidies that fuel illegal, unreported, and unregulated (IUU) fishing.
Ecuador’s ratification brings the total number of WTO members who have accepted the agreement to 84. The treaty will take effect once it is ratified by two-thirds of the WTO’s 164 members, requiring 27 more acceptances.
Originally adopted during the WTO’s 12th Ministerial Conference in June 2022, the Agreement on Fisheries Subsidies establishes binding international rules to limit harmful subsidies, which are a major contributor to overfishing. The agreement also addresses the needs of developing and least-developed countries by creating a fund to provide technical assistance and capacity-building for implementing the new regulations. Further negotiations are ongoing to expand and strengthen the agreement’s provisions.