Nicaragua 101st WTO member to formally accept Agreement on Fisheries Subsidies

DG Okonjo-Iweala said: "WTO members' adoption of this landmark Agreement in 2022 set us on a more sustainable path toward restoring the abundance and vitality of our oceans. The next step is the Agreement's entry into force. With Nicaragua's formal acceptance of the Agreement on Fisheries Subsidies, we are closer than ever to getting there. We now need just 10 more acceptances to cross the finish line!

This 101st acceptance opens the door for the WTO Fish Fund to open a call later this week for developing and least developed WTO members to submit proposals and funding requests for the technical assistance and capacity building they may need to implement the Agreement", she added.

Ambassador Bohorquez Palacios said: "Our acceptance of the Agreement on Fisheries Subsidies reaffirms Nicaragua's support for the rules-based multilateral trading system and our commitment to international efforts to promote the sustainable use of marine resources. As a country bordered by two oceans, Nicaragua recognizes the importance of the blue economy and has always been committed to marine life. We look forward to continuing to work with all WTO members to ensure entry into force of this historic Agreement and its effective implementation."

Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force – representing 111 members. The list of the 101 current instruments deposited with the WTO is available here.

At the WTO's 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted by consensus the Agreement on Fisheries Subsidies, 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. Ministers also recognized the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help governments which have formally accepted the Agreement implement the new obligations.

WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues. The objective is to find 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.