Singapore has formally accepted the Agreement on Fisheries Subsidies, becoming the first coastal state and second member of the World Trade Organization (WTO) to do so. The Agreement, which requires acceptances from two-thirds of WTO members to come into effect, was adopted at the WTO’s 12th Ministerial Conference held in Geneva in June 2022. The agreement is a significant milestone as it is the first WTO agreement with an environmental focus.
Director-General Ngozi Okonjo-Iweala hailed Singapore’s formal acceptance of the WTO Agreement on Fisheries Subsidies as an important step towards its entry into force. She noted that Singapore’s move adds to the diversity of economies needed for the collective effort to uphold ocean sustainability worldwide. Singapore is a stalwart supporter of the multilateral trading system and an active participant in both the fisheries subsidies negotiations and ongoing discussions on trade and environment.
Singapore’s Minister for Trade and Industry, Gan Kim Yong, said that the Agreement on Fisheries Subsidies is a significant milestone for Singapore, and it disciplines harmful fisheries subsidies to prevent the depletion of fish stocks, strengthens food security, and protects the livelihoods of those who depend on marine fisheries. Singapore has since ratified the Agreement, and it encourages other WTO members to deposit their instrument of acceptance so that the benefits of the Agreement can be collectively realized.
Ambassador Hung Seng Tan submitted Singapore’s instrument of acceptance to DG Okonjo-Iweala.
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. It prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas. The Agreement also recognizes the needs of developing and least-developed countries (LDCs) and establishes a Fund to provide technical assistance and capacity building to help them implement the obligations.
One of the primary reasons for the Agreement on Fisheries Subsidies is to protect the ocean’s fish stocks, which are under severe pressure from overfishing, climate change, and pollution. Harmful subsidies, such as fuel subsidies that encourage fishing vessels to stay at sea longer, have contributed to the depletion of fish stocks, putting the livelihoods of millions of people who depend on marine fisheries at risk.
The Agreement’s entry into force would have a significant impact on the global fishing industry, with subsidies estimated to be worth $22 billion annually. The Agreement’s success depends on widespread acceptance, as only with the participation of a large number of WTO members can it achieve its goal of curbing harmful subsidies and preserving the world’s fish stocks. The Fund established under the Agreement would provide technical assistance and capacity building to developing and least-developed countries, which may face difficulties in implementing the new rules.
The Agreement also recognizes the importance of sustainable development and the role of fisheries in achieving the United Nations’ Sustainable Development Goals (SDGs). The SDGs aim to promote sustainable economic growth, eradicate poverty, and protect the environment. The Agreement’s provisions support SDG 14, which seeks to conserve and sustainably use the oceans, seas, and marine resources for sustainable development.
The WTO is committed to promoting sustainable economic growth and environmental protection, and the Agreement on Fisheries Subsidies is a significant step towards achieving these goals. Singapore’s acceptance of the Agreement demonstrates the importance of global cooperation and the need for collective action to address the challenges facing the world’s oceans.
In conclusion, Singapore’s formal acceptance of the Agreement on Fisheries Subsidies is a significant milestone in the efforts to curb harmful subsidies, preserve the world’s fish stocks, and promote sustainable development. The Agreement recognizes the needs of developing and least-developed countries and establishes a Fund to provide.
MOST POPULAR: Unlocking Africa’s Potential in the Global Cashew Processing Industry
