On 18 March 2024, the World Trade Organization (WTO) announced that the Russian Federation had deposited its instrument of acceptance of the Agreement on Fisheries Subsidies (Agreement). The Russian Ambassador presented Russia’s instrument of acceptance to the WTO DG.
Russia's instrument of acceptance brings the total number of WTO members that have formally accepted the Agreement to 72. Thirty-eight (38) more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance of its legal instrument by two-thirds of the WTO’s Membership.
Adopted by consensus at the WTO's 12th Ministerial Conference (MC12), held in Geneva, Switzerland from 12 to 17 June 2022, the Agreement 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 recognises the needs of developing and Least Developed Countries (LDCs) and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.
The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks and ends subsidies 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.
The full text of the Agreement is accessible:
https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/WT/MIN22/33.pdf&Open=True
The list of WTO Members that have deposited their instruments of acceptance is accessible at:
www.wto.org/english/tratop_e/rulesneg_e/fish_e/fish_acceptances_e.htm
Information for WTO Members on how to accept the Protocol of Amendment is accessible at:
www.wto.org/english/tratop_e/rulesneg_e/fish_e/agreement_fisheries_subsidies_e.htm