Singapore Becomes 2nd Country to Adopt WTO Fisheries Deal
Singapore became the second country to formally accept the World Trade Organization's Agreement on Fisheries Subsidies, reached during the 12th Ministerial Conference, the WTO announced. Singapore submitted its instrument of acceptance Feb. 10. To come into effect, the agreement requires two-thirds of WTO members to accept it.
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It bars subsidies to illegal, unreported and unregulated fishing, for fishing overfished stocks and for fishing on the unregulated high seas. In January, Switzerland was the first country to adopt the agreement (see 2301200014).
"Singapore's formal acceptance of the WTO Agreement on Fisheries Subsidies is an important step towards its entry into force," said WTO Director-General Ngozi Okonjo-Iweala. "It adds to the diversity of economies needed for the collective effort to uphold ocean sustainability worldwide. As 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, Singapore once again leads the way in highlighting the importance of global cooperation and ensuring the WTO is responsive to the challenges of our time."