Geneva, 13 August 2022 (TDI): World Trade Organization (WTO) praised the significant occasion where the diligent attempts of partner countries will safeguard the living standards of commercial fishermen and oceans.
It is noteworthy that, the member countries of the WTO decided with consensus on fisheries subsidiaries as well as incentives.
#FishFriday: What a historic moment for the WTO! The livelihoods of fishers & our oceans will be protected as a result of the tireless efforts of WTO members who achieved an outcome on fisheries subsidies.
Watch @WillsSantiago recount the outcome achieved during MC12. pic.twitter.com/h7olvwoDRD
— WTO (@wto) August 12, 2022
MC12: An Outcome
The Twelfth WTO Ministerial Conference (MC12) was held on 17th June 2022 to create an agreement on fisheries subsidies.
Santiago Wills is the Ambassador and Permanent Representative of Colombia to the WTO Chair of WTO fisheries subsidies negotiations.
He had announced that the members of WTO had delivered the outcome on fisheries subsidies at MC12.
Ministers present in the conference had adopted a multi-lateral agreement that addressed sustainability significantly, so as to restrain from the harmful subsidies.
However, it was not peaceful and uncomplicated having consumed a lot of time and rigorous efforts.
Ambassador of Colombia to WTO shared that despite the hurdles, with the hardworking approach of the WTO members and Non-Governmental Organizations (NGOs) serving civil society, the collaboration will bring mutual benefits.
Furthermore, for the 2030 agenda for sustainable development goals (SDG), the meeting was meant for the targets to be achieved. Hence, this new agreement prevents the overwhelmingly worst types of fisheries subsidies.
The event served to be an evident instance of ambitious multi-lateral outcomes in its core. Moreover, it allowed the countries to preserve their oceans, reversing the downfall of the fish wares.
The decline in the fish stocks threatened the ocean environment along with the communities that are dependent for their livelihoods on fishing for meals.
Adding to that, participants of the meeting delivered the essential outcomes. Likewise, the disciplinary actions to be taken by the WTO will establish a committee for fisheries subsidies.
These steps are supposed to curb the fisheries subsidies to towards fishing, towards fishing in the uncontrollable seas, and to the overstocked fish piles.
Moving ahead, the agreement includes the funding mechanisms so as to assist the workers with the technical support and in building capacity. Also, the news regulations have been added to help the improvement of fisheries management.
The ratification of the fisheries agreement is the pivotal step. Consequently, this will let the new rules be acknowledged and executed by the members.
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