Russia approves WTO ban on some fishing subsidies

GENEVA, Switzerland — Russia on Monday joined the group of around 70 countries, including China and the United States, that have formally accepted the World Trade Organization’s ban on certain fishing subsidies.

In a statement, the WTO said Russia’s ambassador Nikolai Platonov presented his country’s “instrument of acceptance” to the body’s director general Ngozi Okonjo-Iweala.

“Russia’s formal acceptance demonstrates leadership and commitment to ocean sustainability,” Okonjo-Iweala said.

“It brings this landmark agreement closer to entry into force, and underscores the importance of global cooperation for the benefit of people and planet.”

READ: PH ratifies Agreement on Fisheries Subsidies under WTO

She also urged all remaining WTO members to present their instruments of acceptance.

The agreement, reached in 2022, bans subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.

It provides some flexibility for developing nations.

But for the accord to come into force, it needs to be formally adopted by two thirds of the 164 WTO members, or 110 countries.

So far, only 72, including the European Union, have done so.