The European Union welcomes the long-awaited entry into force of the World Trade Organization's (WTO) Agreement on Fisheries Subsidies, a major milestone after two decades of intense multilateral negotiations. This represents a significant step forward in the global effort to protect the world's ocean, as it aims to eliminate harmful fisheries subsidies, ultimately contributing to a more resilient and thriving ocean for future generations.
Through binding and enforceable provisions, this landmark agreement is expected to significantly reduce overfishing, ensure sustainable fisheries and promote better practices for coastal communities worldwide. This is also among the key priorities of the European Ocean Pact, which outlines the EU's commitment to protecting the ocean.
The entry into force also activates the WTO Fish Fund, which aims to assist developing and least developed countries with implementing the agreement, improving sustainability, and benefiting fishing communities worldwide. The EU and its Member States are the majority contributors to this important fund.
In line with the UN Sustainable Development Goal 14.6, which mandates the WTO to prohibit harmful fisheries subsidies, the Agreement includes a prohibition of subsidies contributing to illegal, unregulated and unreported (IUU) fishing, combined with unprecedented transparency provisions. Additionally, it prohibits all subsidies for fishing on the unregulated high seas, which are the most vulnerable areas of the ocean as they lack any established and coordinated regime to manage fishing. An additional provision will deliver sustainability rules for subsidies affecting the most vulnerable overfished stocks, ultimately promoting a more sustainable approach to fisheries management.
The EU remains committed to further tackling harmful fisheries subsidies globally with the negotiation of additional provisions to complement this first phase agreement.