Ambassador of Ecuador, José Valencia, and WTO Director-General, Okonjo-Iweala

Ecuador formally accepts WTO Agreement on Fisheries Subsidies

Ecuador deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 9 October. Ambassador José Valencia presented Ecuador's instrument of acceptance to Director-General Ngozi Okonjo-Iweala.

The WTO Director-General Okonjo-Iweala said: “I warmly welcome Ecuador's formal acceptance of the Agreement on Fisheries Subsidies. As one of the largest tuna exporters in the world and the proud steward of the Galapagos islands, Ecuador stands to gain immensely from this global commitment to curb harmful fisheries subsidies. This Agreement will not only preserve marine biodiversity but will also secure long-term economic opportunities for the nation."

Ambassador Valencia said: "It is an honour to present, on behalf of Ecuador, the instrument of acceptance of the Agreement on Fisheries Subsidies, the first WTO instrument that promotes trade regulations while considering the sustainability of the oceans. The acceptance of this Agreement reaffirms Ecuador's and its government's firm commitment to promoting the achievement of Sustainable Development Goal 14.6, protecting the life cycles of marine populations, improving the living conditions of citizens who depend on fishing activities—particularly the most economically vulnerable communities—and promoting transparency by prohibiting subsidies to harmful activities such as illegal, unreported, and unregulated fishing."

Ecuador's instrument of acceptance brings to 84 the total number of WTO members that have formally accepted the Agreement. Twenty-seven more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.

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

The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.

Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.

The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.

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