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New Agreement on Fisheries Subsidies
March 10 , 2023
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- Switzerland is the first WTO member to formally accept the new Agreement on Fisheries Subsidies.
- Singapore became the second member to ratify this agreement.
- WTO Agreement on Fisheries Subsidies was adopted at the 12th Ministerial Conference in 2022.
- The agreement is prohibiting harmful fisheries subsidies, which are a key factor in the widespread depletion of the world’s fish stocks.
- Developing Countries and Least Developed Countries have been allowed a transition period of two years from the date of entry into force of this Agreement.
- It is the first WTO agreement to focus on the environment, the first broad, binding, multilateral agreement on ocean sustainability.
- Also, this is the second agreement reached at the WTO since its inception.
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