Where were you on Monday, September 15? What were you doing? Too personal? Well, then, but I genuinely hope that you did something nice, even memorable. If you were less inspired, instead keeping an eye on the World Trade Organisation (WTO), you would have observed that it was celebrating.

Should you have missed word of the celebration, at the WTO’s special General Council meeting, its members were celebrating the entry into force of its Agreement on Fisheries Subsidies. For it to have entered into force, it required that two-thirds of its members submit their instruments of acceptance.

WTO director-general Dr Ngozi Okonjo-Iweala signed the official depositary notification of the agreement’s entry into force and handed it to General Council chairperson Saqer bin Abdullah Al-Moqbel, marking the official integration of the agreement into the organisation’s legal framework.

To oversee implementation of the agreement, a committee on fisheries subsidies will be established to maintain regular dialogue on members’ fishing practices and subsidies and to increase transparency on governments’ practices. The committee will elect its own chairperson and will meet at least twice a year. It will also maintain close contact with relevant international fisheries management organisations. No later than five years after the agreement enters into force, the committee will review the agreement’s operations to identify areas potentially requiring modification.

The agreement commits members to curbing billions of dollars in annual spending on the most harmful subsidies that contribute to the depletion of marine fish stocks. Okonjo-Iweala hailed the agreement as a “landmark for global trade governance” and thanked members for their commitment to protecting the livelihoods of fishing communities around the world. She also noted: “This agreement demonstrates how you can put trade in the service of both people and planet.”

The agreement, adopted at the WTO’s twelfth Ministerial Conference on June 17, 2022, is the organisation’s first multilateral agreement focusing on environmental sustainability. It prohibits government support for illegal, unreported and unregulated fishing, for fishing overfished stocks (overexploitation of stocks), and for fishing in the unregulated high seas, thereby contributing to the protection of marine life. In addition, it establishes new, binding multilateral rules for curbing harmful subsidies, which are a key factor in the widespread depletion of the world’s fish stocks.

What made the General Council meeting so special was that, at the gathering, the WTO director-general received the instruments of acceptance of the agreement from Brazil, Kenya, Vietnam and Tonga, thus surpassing the two-thirds requirement. Mali and Oman have also ratified the agreement and will be depositing their instruments of acceptance “in the very near future”. She said that she “strongly encourages all remaining members to complete their acceptances without delay”, adding: “One of my key aspirations is to see the agreement ratified by all members by the fourteenth Ministerial Conference (scheduled for March 2026), where we will have the opportunity to celebrate this collective achievement together.”

Members have established the ‘WTO Fish Fund’ to provide developing economies and least-developed countries with technical assistance and the capacity building needed to implement the new obligations and manage their own fisheries more sustainably. Seventeen members have pledged the equivalent of more than $18-million to the WTO Fund. In early June, the fund launched its first call for proposals, inviting eligible members who have ratified the agreement to submit requests for project grants aimed at supporting their implementation of the agreement. Applications are due by October 9.

Is there a question-and-answer in the WTO’s ‘factsheet’, you might well have pondered. In short, what is the agreement seeking to achieve? “By curbing harmful fisheries subsidies and providing for transparency with respect to fisheries management measures, the agreement is expected to contribute to the recovery of fish stocks, effective monitoring of fishing practices, the establishment of sustainable fishing measures, and ensuring sufficient food and income for people around the world who depend on fisheries for their livelihoods. The agreement is a common effort by all WTO members to better protect our oceans, our fisheries and our shared future.”

The WTO Agreement on Fisheries Subsidies is accessible at: https://www.wto.org/english/tratop_e/rulesneg_e/fish_e/fish_e.htm