In a move signalling its commitment to ocean sustainability, Russia recently deposited its instrument of acceptance for the Agreement on Fisheries Subsidies. This pivotal step was formalized on 18th March, as Ambassador Nikolai Platonov presented Russia’s acceptance to Director-General Ngozi Okonjo-Iweala.
Director-General Okonjo-Iweala hailed Russia’s acceptance as a demonstration of leadership and dedication towards global cooperation for the betterment of our planet. She emphasized the importance of such agreements in achieving the UN 2030 Agenda and its Sustainable Development Goals.
Ambassador Platonov underscored the significance of the Agreement in combating unsustainable practices in marine capture production, particularly illegal, unreported, and unregulated (IUU) fishing. He highlighted Russia’s role as a major sea fishing nation and expressed hope that their acceptance would spur others to expedite their domestic procedures for the Agreement’s entry into force.
With Russia’s acceptance, the total number of WTO members formally accepting the Agreement now stands at 72. However, a further 38 acceptances are needed for the Agreement to become effective. The Agreement, adopted at the WTO’s 12th Ministerial Conference, aims to curb harmful subsidies that contribute to the depletion of global fish stocks.
Key provisions of the Agreement include the prohibition of support for IUU fishing, the banning of subsidies for fishing overfished stocks, and the cessation of subsidies for fishing on unregulated high seas. Recognizing the needs of developing and least-developed countries, the Agreement also establishes a fund for technical assistance and capacity building.
Following its adoption, members agreed to continue negotiations on outstanding issues to further enhance the Agreement’s effectiveness.
Russia’s acceptance marks a significant stride towards safeguarding our oceans and marine ecosystems. It reinforces the collective responsibility of nations in addressing environmental challenges and underscores the importance of multilateral cooperation.
As the world navigates towards a sustainable future, initiatives like the Agreement on Fisheries Subsidies serve as crucial frameworks for preserving our oceans for generations to come. With continued commitment and collaboration, we can strive towards a healthier planet for all.
Source-WTO
