Colombia formally accepts Agreement on Fisheries Subsidies

DG Okonjo-Iweala said: "I am grateful for Colombia's formal acceptance of the Agreement on Fisheries Subsidies. As an active participant in fisheries subsidies discussions at the WTO, Colombia has consistently demonstrated its commitment to advancing ocean sustainability and safeguarding the livelihoods of those who depend on it. Colombia's ratification marks another important step as we work together to implement this historic agreement. I call on those members who have not yet ratified to swiftly follow suit — we only need 18 for the Agreement to enter into force and begin to deliver its benefits for people and the planet."

Ambassador Bustamante said: "Colombia's formal acceptance of the WTO Agreement on Fisheries Subsidies symbolizes the country's commitment to the conservation of marine resources, and the impetus for more sustainable and equitable fisheries within the framework of clear and predictable multilateral rules. This Agreement, the first in the history of the Organization to have an environmental and sustainability focus, establishes disciplines to limit high-seas subsidies, to intensify efforts to combat illegal, unreported and unregulated (IUU) fishing, and to reduce harmful subsidies that have a negative impact on fish stocks and marine ecosystems. The Agreement also recognizes the importance of preserving the regulatory space necessary to promote sustainable fisheries and support artisanal fishers, whose livelihood is directly dependent on the health of the oceans."  

"By depositing the instrument of ratification of the Agreement, Colombia not only reaffirms its commitment to sustainable development and the responsible management of fisheries resources but also contributes to the revitalization of a rules-based multilateral trading system, promoting greater certainty, transparency and fairness in global trade. This action reflects the country's determination to contribute to the establishment of fairer conditions in the fisheries sector and in the adoption of trade practices aligned with the principles of sustainability and environmental conservation." Ambassador Bustamente said.

Colombia's instrument of acceptance brings to 93 the total number of WTO members that have formally accepted the Agreement. Eighteen 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, which are a key factor in the widespread depletion of the world's fish stocks. In addition, the Agreement recognizes 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.

The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.

Members also 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.

The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.