Viet Nam deposits Instrument of Ratification of WTO Agreement on Fisheries Subsidies
VGP - Viet Nam officially deposited its Instrument of Ratification of the WTO Agreement on Fisheries Subsidies (Fish 1) at the WTO General Council special session in Geneva, Switzerland, on September 15.
Ambassador Mai Phan Dung, Head of the Permanent Mission of Viet Nam to Geneva, submitted the instrument on behalf of the State of Viet Nam.
It is a decisive step, bringing the total number of members that have ratified the agreement to 111, the minimum required for the agreement to officially enter into force worldwide.
Viet Nam is proud to be one of the four countries, together with Brazil, Kenya, and Tonga, to help "activate" this agreement.
It not only enhances Viet Nam's credibility and stands as a reliable and responsible partner within the international community, but also demonstrates the country's strong commitment to joining the global fight against illegal, unreported, and unregulated (IUU) fishing, a key issue for Viet Nam's seafood export markets.
The WTO Agreement on Fisheries Subsidies was adopted at the WTO's 12th Ministerial Conference (MC12) in 2022 in Geneva, after more than 20 years of negotiations.
It is the WTO's first multilateral agreement focusing on protecting the marine environment and promoting the sustainable development of the fisheries sector.
The agreement establishes binding rules and prohibits subsidies for IUU fishing as well as for fishing of overexploited stocks and in areas beyond national jurisdiction.
For Viet Nam, the ratification of the agreement affirms its steadfast commitment to a rules-based, fair, and sustainable international trading system, and delivers tangible domestic benefits./.
