Cabinet approves ratification of Stage I of WTO Fisheries Subsidies Agreement

Friday, 13 June 2025 00:04 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved Sri Lanka’s ratification of Stage I of the World Trade Organisation (WTO) Agreement on Fisheries Subsidies, a key step to reinforcing the country’s commitment to sustainable ocean governance, enhancing trade prospects and modernising the local fisheries industry.

Addressing the weekly post-Cabinet meeting media briefing, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa on Tuesday said this decision positions Sri Lanka to gain access to the WTO’s special Fisheries Fund, a mechanism designed to assist member States in implementing subsidy reforms and upgrading the technological capacity of their fisheries sectors.

He also said ratifying the agreement strengthens Sri Lanka’s global standing as a responsible maritime nation and opens up greater opportunities in key international markets that prioritise sustainability and traceability in seafood trade.

The need for a global regulatory framework on fisheries subsidies was first underscored at the 11th WTO Ministerial Conference in Buenos Aires in 2017. Following extensive negotiations, WTO members finalised the Agreement on Fisheries Subsidies at the 12th Ministerial Conference in 2022. The agreement is structured around three pillars: 1) banning subsidies that fuel illegal, unreported and unregulated (IUU) fishing, 2) prohibiting subsidies to fishing activities targeting overfished stocks and 3) eliminating subsidies that contribute to overcapacity and overfishing.

He said Stage I of the agreement, which Sri Lanka now moves to ratify, encompasses the first two pillars, targeting IUU fishing and the protection of overfished stocks. This foundational phase was formally initiated by WTO member States in 2023, marking the beginning of a global effort to rein in harmful fishing subsidies and ensure long-term sustainability of marine resources.

The joint proposal to this effect submitted by Fisheries, Aquatic and Ocean Resources Minister Ramalingam Chandrasekar and Trade, Commerce, Food Security and Co-operative Development Minister Wasantha Samarasinghe was approved by the Cabinet of Ministers.

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