Burkina Faso formally accepts WTO fisheries subsidy deal

Burkina Faso deposited its instrument of acceptance of the Agreement on Fisheries Subsidies on 16 October 2024, the World Trade Organization has announced.

The Minister of Foreign Affairs, Regional Cooperation and Burkina Faso Citizens Abroad, Mr Karamoko Jean Marie Traoré, presented Burkina Faso’s instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala.

Ms Okonjo-Iweala said: “I am delighted that Burkina Faso has formally accepted the Agreement on Fisheries Subsidies. As a landlocked, least-developed country, Burkina Faso’s commitment underscores the vital role that all WTO members must play in advancing this Agreement closer towards entry into force to foster sustainable global fisheries worldwide for the benefit of all people’s livelihoods and food security. I hope more members swiftly follow suit.”

Minister Traoré said: “Burkina Faso’s ratification of the Agreement on Fisheries Subsidies is testimony to the emphasis our country places on honouring its international commitments, in this case its WTO commitments. The significance of an international commitment promoting the sustainability of oceans and their resources, which benefit all — irrespective of geographical location — cannot be overstated”

“Moreover, we wish to see the implementation of this Agreement benefiting all countries, including landlocked ones, through technical capacity-building of stakeholders in the fisheries sector. We are pinning our hopes on the effectiveness of this Agreement in all its dimensions.”

Burkina Faso’s instrument of acceptance brings to 85 the total number of WTO members that have formally accepted the Agreement.

Seventeen African members have formally accepted the Agreement, of which nine are least-developed countries. Twenty-six 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.

Source:classfmonline.com