Latest news with #AgreementonFisheriesSubsidies
Express Tribune
21-03-2025
- Business
- Express Tribune
WTO says Pakistan accepts agreement on fisheries subsidies
The World Trade Organisation (WTO) said on Thursday that Pakistan has formally accepted the agreement on fisheries subsidies. Pakistan deposited its instrument of acceptance of the Agreement on Fisheries Subsidies. Ambassador Ali Sarfraz Hussain presented Pakistan's instrument of acceptance to Director-General Ngozi Okonjo-Iweala. DG Okonjo-Iweala said: "Pakistan's formal acceptance of the Agreement on Fisheries Subsidies marks a vital step toward ensuring the long-term sustainability of global marine resources, while safeguarding the livelihoods and food security of the millions of people who depend on healthy fisheries. "By joining this collective effort, Pakistan demonstrates its commitment to its coastal communities and the environment and it becomes eligible for resources from our Fish Fund. I encourage the remaining WTO members to swiftly follow suit – we need only 17 more." Ambassador Hussain said: "Pakistan is delighted to deposit its instrument of ratification for the WTO Agreement on Fisheries Subsidies. It reflects the unwavering commitment of the Government of Pakistan to safeguard our marine resources, a vital component of our national economy and the livelihoods of our coastal communities. We recognize the critical role that this Agreement can play in curbing harmful fishing practices and in ensuring the long-term health of our oceans. We urge all WTO members to join us in this essential global effort." Pakistan's instrument of acceptance brings to 94 the total number of WTO members that have formally accepted the Agreement. Seventeen 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.
Daily Tribune
21-02-2025
- Business
- Daily Tribune
No funds for overfishing
A law bringing Bahrain in line with global rules on fishing subsidies is set for debate in the Shura Council on Sunday. If approved, it will add the WTO's Agreement on Fisheries Subsidies to the Marrakesh Agreement, as laid out in Decree No. 79 of 2024. The agreement is designed to curb overfishing by banning government support that encourages unsustainable fishing. Proposal The Shura Council's Foreign Affairs, Defence, and National Security Committee was tasked with reviewing the proposal after Chairman Ali bin Saleh Al Saleh referred it for study. The committee examined the legal implications, consulted government bodies, and reviewed input from the Ministry of Interior, the Ministry of Oil and Environment, and the Supreme Council for the Environment. The Legislative and Legal Affairs Committee found no legal or constitutional concerns with the proposal. Approval The Legislation and Legal Opinion Commission said Bahrain's approval fits into worldwide efforts to stop subsidies that contribute to dwindling fish stocks. The Supreme Council for the Environment called the WTO agreement the first of its kind within the organisation, setting legally binding rules to curb overfishing. Representatives pointed to the importance of tracking and managing fishing data, saying this was key to keeping fish stocks at stable levels. Industry The Coast Guard Command said Bahrain already bans support for illegal fishing and works with other agencies to keep the industry in check. They noted that signing up to the agreement alongside other Gulf countries would strengthen regional oversight and bring better coordination. The law consists of a preamble and two articles. Protocol The first approves the amended protocol, signed in Geneva on 17 June 2022, which adds the fisheries agreement to the Marrakesh Agreement. The second is procedural. The protocol itself has six clauses, which set out how the agreement fits into existing WTO rules, ban any reservations on its terms, and detail how it will come into force. It also lays down the rules for formal acceptance by WTO members. Definitions The Agreement on Fisheries Subsidies itself has 12 articles covering definitions, subsidy bans, compliance, and dispute settlement. It prohibits subsidies for vessels or operators involved in illegal, unreported, or unregulated fishing. It also limits financial support for fishing that puts extra pressure on depleted stocks and prevents governments from funding fishing operations outside their own waters unless the area is managed by a recognised regional body. Allowances Special allowances exist for developing and least-developed countries, giving them more time and support to meet the requirements. Signatories will have to submit regular reports to allow oversight, with a WTO committee set up to ensure the rules are followed. The Shura Council's Foreign Affairs Committee found that the protocol did not go against the constitution but needed parliamentary approval under Article 37(2). They said Bahrain has taken steps to protect its marine life and manage its fisheries, which are both a key food and income sources for many Bahrainis.
