WTO head Ngozi Okonjo-Iweala spoke of a “dream” and “a historic milestone”.
Keystone-SDA
The agreement to eliminate fisheries subsidies, concluded at the World Trade Organization (WTO) ministerial in Geneva in 2022, has entered into force. Following the formalisation of this step on Monday in Geneva, it becomes the first trade agreement linked to the environment.
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WTO head Ngozi Okonjo-Iweala spoke of a “dream” and “a historic milestone”. The agreement is the first Sustainable Development Goal (SDG) to be fully achieved, the first agreement on the environment within the institution and the first binding multilateral agreement on the sustainability of the oceans.
Governments spend more than $20 billion (CHF15.9 billion) each year on harmful subsidies linked to the depletion of marine resources. Nearly 40% of the world’s fish stocks are overfished.
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The agreement bans illegal, undeclared and unregulated subsidies. But it does not solve everything. Member states are discussing a second part of the agreement, which will be one of the main topics for discussion at the next ministerial meeting in March.
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