Costa Rica formally accepts Agreement on Fisheries Subsidies

Director-General Okonjo-Iweala said: "Costa Rica continues to lead by example: its formal acceptance of the Agreement on Fisheries Subsidies reinforces its impressive track record in advancing marine conservation and promoting sustainable economic practices. I applaud its dedication to global efforts to promote sustainable fishing. I hope more WTO members swiftly follow suit so that this landmark Agreement enters into force."

Ambassador Saborío said: "It is my pleasure to deposit Costa Rica's instrument of acceptance of the Agreement on Fisheries Subsidies. Costa Rica is convinced that this Agreement will make a meaningful contribution to the sustainability of global fisheries resources and therefore encourages other Members to also complete the acceptance procedures with a view to securing the entry into force of the Agreement as soon as possible." 

Costa Rica's instrument of acceptance brings to 87 the total number of WTO members that have formally accepted the Agreement. Twenty-four more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.

Adopted by consensus at the WTO's 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies 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 recognizes the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

The Agreement prohibits subsidies for illegal, unreported and unregulated (IUU) fishing, for fishing overfished stocks, and 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 can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.