Pakistan has officially accepted the Agreement on Fisheries Subsidies, the World Trade Organisation (WTO) announced on Thursday, bringing the total number of WTO members that have formally endorsed the agreement to 94, a significant step toward global efforts to promote sustainable fishing practices.
Adopted by consensus at the WTO’s 12th Ministerial Conference (MC12), held in Geneva on June 12-17 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 economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.
“Pakistan’s instrument of acceptance brings to 94 the total number of WTO members that have formally accepted the agreement. Seventeen 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,” the WTO statement read. Up till now, a total of 68 member countries have submitted the acceptance of the Agreement on Fisheries Subsidies.