On Thursday, August 17, 2023, the Prime Minister of Ukraine, Denys Shmyhal, handed over the instrument on Ukraine’s acceptance of the Agreement on Fisheries Subsidies to Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO). Thus, Ukraine joined the ranks of WTO members who adopted this historic Agreement aimed at the development of sustainable fisheries.

“The ratification of this Agreement is an example of Ukraine’s responsible attitude towards the fulfillment of its international obligations, the development of the multilateral trade system and ensuring the welfare of citizens. We are honored to be among the first members to adopt the Agreement. We will continue to take active measures to achieve more efficient and environmentally sustainable international trade. We believe that by this we encourage the rest of the WTO members for the Agreement to enter into force as soon as possible,” First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliya Svyrydenko stated.

The instrument on the acceptance of the Agreement by Ukraine became the 15^th such document received by the WTO. The Agreement will enter into force after its acceptance by two-thirds of WTO members. So far, instruments of acceptance have been transferred by the following WTO members: Belize, Gabon, EU (and 27 member states), Iceland, Canada, China, Nigeria, Peru, Seychelles, USA, Singapore, UAE, Switzerland and Japan.

“I am very happy about Ukraine’s official accession to the WTO Agreement on Fisheries Subsidies in the face of extraordinary challenges. This important milestone underlines Ukraine’s unwavering commitment to multilateral cooperation and confirms its strong support for the WTO mission. I urge other WTO members to follow this example by ensuring the effective implementation of this ground-breaking agreement to preserve the sustainability of our oceans,” Ngozi Okonjo-Iweala said.

The Agreement on Fisheries Subsidies was adopted at the 12th WTO Ministerial Conference held in the Swiss city of Geneva on June 12-17, 2022. This agreement establishes new binding multilateral rules to limit harmful fishing subsidies, which are a key factor in the significant depletion of global fish stocks. In addition, the document recognizes the special needs of developing countries and least developed countries, thereby establishing a fund for technical assistance and capacity building to help them meet their commitments.

According to the provisions of the Agreement, members are prohibited from subsidizing illegal, unaccountable and unregulated fishing, providing subsidies for harvesting depleted stocks and supporting fishing outside the jurisdiction of the coastal state and outside the competence of regional fisheries management organizations. In addition, each WTO member must exercise due restraint when granting subsidies to vessels that do not fly its flag, as well as subsidies for fishing stocks whose status is unknown.

During the 12^th Ministerial Conference, WTO members also agreed to conduct further negotiations with the aim of developing rules on subsidies that promote overfishing and overcapacity, as well as special and differential treatment provisions, so that to provide recommendations on additional provisions that will contribute to the further strengthening of the rules established by the Agreement by the 13^th WTO Ministerial Conference, which will be held in February 2024 in Abu Dhabi, United Arab Emirates.