On Friday, Singapore formally accepted the treaty – the first multilateral trade agreement that focuses on environmental sustainability – becoming the first coastal state to do so.
The agreement sets global rules that ban harmful fishing subsidies – a key factor behind the depletion of the world’s fishing stocks, said WTO, which is based in Geneva.For the agreement to become operational, two-thirds of WTO’s 164 members have to deposit their instruments of acceptance with the organisation.
WTO director-general Ngozi Okonjo-Iweala said: “Singapore’s formal acceptance of the WTO Agreement on Fisheries Subsidies is an important step towards its entry into force. Singapore has been a stalwart supporter of the multilateral trading system and an active participant in both the fisheries subsidies negotiations and ongoing discussions on trade and environment, Dr Okonjo-Iweala noted.
It also establishes a fund to help developing and least-developed countries support sustainability in fisheries and end harmful fisheries subsidies.
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