Panama formally accepts WTO Agreement on Fisheries Subsidies

DG Okonjo-Iweala said: "Panama's formal acceptance of the Agreement on Fisheries Subsidies is a welcome step towards its entry into force. We are now only 9 more acceptances away from this landmark step towards curbing harmful fishing subsidies and reviving our oceans' health. I urge WTO members that have not yet done so to follow Panama's example!"

H.E. Minister Moltó said: "The WTO and multilateral trade rules provide tools for the sustainable use of our natural resources in support of our social and economic development objectives. The Agreement on Fisheries Subsidies is a clear example. Our ratification reaffirms Panama's commitment to the multilateral system and to protecting its 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 102 WTO members which have deposited their instruments of acceptance 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 that have formally accepted the Agreement to implement the new obligations.

The Fish Fund launched a Call for Proposals on 6 June, inviting developing and least-developed country (LDC) members that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. Information on the WTO Fish Fund application portal can be found here.

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.