On 19 May, Georgia’s Deputy Minister of Economy and Sustainable Development, Genadi Arveladze, presented his country’s instrument of acceptance of the Agreement on Fisheries Subsidies to WTO Director-General Ngozi Okonjo-Iweala. Georgia is the 98th WTO member to deposit its acceptance of the Agreement with the WTO.
"Georgia's ratification brings us closer to making this Agreement a powerful demonstration of how multilateral cooperation can advance the global common good. Together, we can magnify our impact to improve ocean sustainability – for people and for our shared planet. Only 13 more acceptances to go!"- DG Okonjo-Iweala said.
"Georgia has always been a top performer in implementing WTO commitments in full. By depositing its instrument of acceptance of the Agreement on Fisheries Subsidies today, Georgia is clearly demonstrating its firm support for the rules-based multilateral trading system. This step reaffirms our continued engagement in international efforts to promote the sustainable and responsible use of marine resources. We commend the collective efforts by WTO members in concluding this Agreement and look forward to continued cooperation toward its entry into force and effective implementation", - Deputy Minister Arveladze said.
For the Agreement to come into force, formal acceptances from two-thirds of WTO members are required – representing 111 members.
At the WTO's 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted by consensus the Agreement on Fisheries Subsidies, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas. Ministers also recognized the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement implement the new obligations.
WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues. The objective is to find consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.
