Agreement on fisheries subsidies in force

The WTO Agreement on Fisheries Subsidies represents an important step towards ocean sustainability, as it prohibits some of the most harmful fisheries subsidies, which are a key factor in the depletion of global fish stocks. Under the agreement, members also supported the establishment of a new financing mechanism for voluntary contributions, which will provide technical assistance to developing member states in implementing the agreement.

In accordance with United Nations Sustainable Development Goal 14.6, which obliges the WTO to prohibit harmful fisheries subsidies, the agreement includes a ban on subsidies contributing to illegal, unreported and unregulated (IUU) fishing, together with provisions on transparency and reporting. In addition, it prohibits all subsidies for fishing on the unregulated high seas, which constitute the most vulnerable areas of the oceans and seas, as no established and coordinated fisheries management regime exists there. An additional provision will introduce sustainability rules for subsidies affecting the most vulnerable overfished stocks, in particular those for which appropriate management measures for stock recovery have not yet been adopted, thereby promoting a more sustainable approach to fisheries management.

The agreement represents a historic achievement for WTO members. It is the first agreement to focus on the environment, the first broad, binding plurilateral agreement on ocean sustainability, and only the second plurilateral agreement reached within the WTO since its establishment. Following the early adoption of the agreement, the EU deposited its instrument of acceptance on 7 June 2023.

As agreed at the 2022 WTO Ministerial Conference, members continue negotiations on additional provisions that will further strengthen the rules of the agreement.