Vietnam ratifies WTO fisheries subsidies agreement

Vietnam has formally deposited its instrument of ratification for the World Trade Organization’s (WTO) Fisheries Subsidies Agreement at the organization’s headquarters in Switzerland, bringing the total number of ratifying members to 111 and meeting the threshold for the pact to enter into force globally.

Vietnam is among the final four countries, alongside Brazil, Kenya, and Tonga, to trigger the landmark agreement. At a special session of the WTO General Council, Ambassador Mai Phan Dung, head of Vietnam’s mission in Geneva, submitted the ratification on behalf of the state. The move underscores Vietnam’s commitment to combating illegal, unreported, and unregulated (IUU) fishing, a key concern for the country’s seafood export markets.

Adopted at the 12th WTO Ministerial Conference in Geneva in 2022 after more than two decades of negotiations, the Fisheries Subsidies Agreement is the first multilateral WTO accord focused on marine environmental protection and sustainable fisheries. It sets binding rules to eliminate subsidies that contribute to IUU fishing while allowing support for depleted fish stocks and regulated distant-water fisheries. The removal of billions of dollars in harmful subsidies is seen as a crucial step to restore marine ecosystems, safeguard fishery resources, and prevent overexploitation.

For Vietnam, ratification signals a firm commitment to a rules-based, sustainable international trade framework while supporting domestic fisheries modernization. Analysts say the pact could boost investment in advanced fishing technologies, reduce post-harvest losses, strengthen sector management, and help meet international export standards. Long-term benefits include safeguarding the livelihoods of roughly 1.45 million fishers and coastal communities and supporting the country’s blue economy objectives.

WTO Director-General Ngozi Okonjo-Iweala said the agreement “will help protect ocean ecosystems as well as the livelihoods and food security of millions who depend on them. It delivers on the vision set out in the Marrakesh Agreement over 30 years ago, showing that higher living standards and environmental sustainability can and must go together. This is a milestone moment that the WTO needs more of, and the agreement deserves to be celebrated.”

Source:  https://vietfishmagazine.com/