Chinese Taipei Formally Accepts Agreement on Fisheries Subsidies, Bringing Tally to 90
Geneva, Switzerland – 18 February 2025
Chinese Taipei has formally accepted the Agreement on Fisheries Subsidies (the Agreement), bringing the total number of WTO members that have accepted the Agreement to 90. The Agreement will enter into force on 16 June 2025, six months after the 90th formal acceptance.
The Agreement is the first multilateral agreement to regulate fisheries subsidies. It aims to curb harmful fisheries subsidies that contribute to overfishing and overcapacity and to promote sustainable fishing practices. The Agreement includes disciplines on prohibited subsidies, such as subsidies for illegal, unreported, and unregulated (IUU) fishing, and subsidies that contribute to overcapacity and overfishing. It also includes provisions on subsidies for fishing in the exclusive economic zones (EEZs) of other countries, and on subsidies for the fishing of depleted fish stocks.
The Agreement is a significant step towards achieving sustainable fisheries. It is estimated that the Agreement will eliminate up to $20 billion in harmful fisheries subsidies annually and will help to restore fish stocks to sustainable levels.
The formal acceptance of the Agreement by Chinese Taipei is a positive step and demonstrates the commitment of WTO members to promoting sustainable fishing practices. The Agreement will enter into force on 16 June 2025 and will help to create a more level playing field for fishers around the world.
Background
The Agreement on Fisheries Subsidies was negotiated over the course of 20 years and was finally adopted by the WTO Ministerial Conference in December 2022. The Agreement is a landmark achievement and is the first multilateral agreement to regulate fisheries subsidies.
The Agreement includes disciplines on prohibited subsidies, such as subsidies for IUU fishing, subsidies that contribute to overcapacity and overfishing, and subsidies for the fishing of depleted fish stocks. It also includes provisions on subsidies for fishing in the EEZs of other countries, and on subsidies for the fishing of depleted fish stocks.
The Agreement is a significant step towards achieving sustainable fisheries. It is estimated that the Agreement will eliminate up to $20 billion in harmful fisheries subsidies annually and will help to restore fish stocks to sustainable levels.
Implications of the Agreement
The Agreement will have a number of implications for WTO members. First, it will require WTO members to eliminate prohibited subsidies. Second, it will require WTO members to notify the WTO of any subsidies that they provide to the fishing industry. Third, it will require WTO members to participate in a process of peer review to ensure that they are complying with the Agreement.
The Agreement is a complex and far-reaching agreement. It will take time for WTO members to implement the Agreement and to adjust to the new rules. However, the Agreement is a significant step towards achieving sustainable fisheries. It is estimated that the Agreement will eliminate up to $20 billion in harmful fisheries subsidies annually and will help to restore fish stocks to sustainable levels.
Conclusion
The formal acceptance of the Agreement on Fisheries Subsidies by Chinese Taipei is a positive step and demonstrates the commitment of WTO members to promoting sustainable fishing practices. The Agreement will enter into force on 16 June 2025 and will help to create a more level playing field for fishers around the world.
Chinese Taipei formally accepts Agreement on Fisheries Subsidies, bringing tally to 90
The AI has provided us with the news.
I asked Google Gemini the following question.
WTO a new article on 2025-02-18 17:00 titled “Chinese Taipei formally accepts Agreement on Fisheries Subsidies, bringing tally to 90”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
40