Israel Formally Accepts Agreement on Fisheries Subsidies

[ABS News Service/23.01.2025]

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.