Agreement on Fisheries Subsidies: Okonjo-Iweala Receives Russia’s Instrument of Acceptance

•Urges remaining 38 WTO members to follow suit

Ndubuisi Francis in Abuja

The Russian Federation yesterday presented its instrument of acceptance of the Agreement on Fisheries Subsidies to the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala in Geneva, Switzerland.

Receiving the instrument from Ambassador Nikolai Platonov, the WTO Director-General said: “I am pleased to receive Russia’s instrument of acceptance of the Agreement on Fisheries Subsidies.

“Russia’s formal acceptance demonstrates leadership and commitment to ocean sustainability. It brings this landmark agreement closer to entry into force, and underscores the importance of global cooperation for the benefit of people and planet.

” I urge the remaining WTO members to also deposit their instruments of acceptance.”

In his remarks,Ambassador Nikolai Platonov said: “Today, I have the honour to deposit Russia’s formal instrument of acceptance of the WTO Agreement on Fisheries Subsidies.

“This agreement is essential in terms of preventing and combating unsustainable patterns of marine capture production such as illegal, unreported and unregulated (IUU) fishing, activities in unregulated high seas, as well as in overfished stocks.

“Given that Russia is one of the major sea fishing nations, we hope that our acceptance will also contribute to completion by other members of their domestic procedures so that the treaty can enter into force sooner rather than later. “Such a scenario would definitely bring all of us closer to achieving the UN 2030 Agenda and its Sustainable Development Goals.”

Russia’s instrument of acceptance brings the total number of WTO members that have formally accepted the Agreement to 72.  Thirty-eight more formal acceptances are needed for the Agreement to come into effect.

The Agreement would enter into force upon acceptance of its legal instrument by two-thirds of the membership.

Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva between June 12 and 17, 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 recognises the needs of developing and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

The Agreement 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.