Nepal Accepts WTO Agreement on Fisheries Subsidies

On August 18, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala received Nepal’s instrument of acceptance of the Agreement on Fisheries Subsidies from Nepal’s WTO Ambassador Ram Prasad Subedi. Just three more acceptances are needed for the Agreement to enter into force.

At the WTO's 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted the Agreement on Fisheries Subsidies by consensus, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.

Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force—representing 111 members. The list of the 108 WTO members which have deposited their instruments of acceptance with the WTO can be found here.

Ministers also recognized the needs of developing economies and least-developed countries (LDCs) by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement to implement the new obligations.

In early June, the Fish Fund launched a Call for Proposals inviting developing economies and LDCs that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. Applications are due by 9 October. The WTO Fish Fund portal can be found here.

WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues with the aim of finding consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.

Information for members on how to accept the Protocol of Amendment is available here.