Israel Formally
Accepts Agreement on Fisheries Subsidies
Israel
deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on
22 January. The Minister of Economy and Industry, Nir Barkat, presented Israel’s
instrument of acceptance to Director-General Ngozi Okonjo-Iweala
in Davos on the side lines of World Economic Forum Annual Meeting.
DG
Okonjo-Iweala said: “I welcome Israel's formal acceptance
of the Agreement on Fisheries Subsidies. Each additional acceptance brings us closer
to the threshold for the entry into force of these vital rules that will curb harmful
subsidies and protect global fish stocks. I urge remaining WTO members to submit
their own letters of acceptance, thereby helping to safeguard our oceans — and the
livelihoods that depend on them — for future generations.”
Minister
Barkat said: “Israel is proud to have successfully completed the domestic approval
process of the WTO Agreement on Fisheries Subsidies, being the first agreement of
its kind to focus on environmental sustainability. The agreement marks a pivotal
moment in advancing sustainable development and we are glad to bring Members closer
to its implementation. We remain not only optimistic, but also confident in the
transformative potential of this agreement to rejuvenate and accelerate the processes
leading up to the 14th Ministerial Conference. I extend my gratitude to the Director-General
for her exemplary leadership and unwavering commitment in guiding this agreement
to fruition.”
Israel's
instrument of acceptance brings to 89 the total number of WTO members that have
formally accepted the Agreement. Twenty-two 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.