Costa Rica Formally Accepts Agreement on Fisheries Subsidies
Geneva, Switzerland – 15 November 2024
Costa Rica has become the 15th country to formally accept the Agreement on Fisheries Subsidies, a landmark international treaty that aims to eliminate harmful subsidies that contribute to overfishing and overcapacity in the global fishing industry.
The Agreement, which was adopted by the World Trade Organization (WTO) in June 2022, prohibits subsidies that contribute to illegal, unreported, and unregulated (IUU) fishing, overfishing, and overcapacity. It also requires countries to notify the WTO of the subsidies they provide to their fishing industries.
Costa Rica’s acceptance of the Agreement comes just a few weeks after the treaty entered into force on 1 November 2024. The Agreement will now apply to all WTO members that have accepted it, and it is expected to have a significant impact on the global fishing industry.
“Costa Rica’s acceptance of the Fisheries Subsidies Agreement is a welcome step forward in the fight against overfishing and overcapacity,” said WTO Director-General Ngozi Okonjo-Iweala. “This Agreement will help to level the playing field for fishers around the world and ensure that our oceans remain healthy for future generations.”
The Agreement on Fisheries Subsidies is the first multilateral agreement to address the issue of harmful fisheries subsidies. It is a significant achievement for the WTO and for the global community, and it is expected to make a major contribution to the sustainability of the global fishing industry.
Here are some of the key provisions of the Agreement on Fisheries Subsidies:
- Prohibits subsidies that contribute to IUU fishing, overfishing, and overcapacity.
- Requires countries to notify the WTO of the subsidies they provide to their fishing industries.
- Establishes a special and differential treatment provision for developing and least-developed countries.
- Creates a Committee on Fisheries Subsidies to oversee the implementation of the Agreement.
The Agreement on Fisheries Subsidies is a major step forward in the fight against overfishing and overcapacity. It is expected to have a significant impact on the global fishing industry and to help ensure that our oceans remain healthy for future generations.
Costa Rica formally accepts Agreement on Fisheries Subsidies
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