China says yes to WTO pact on fishing subsidies
China formally accepted on Tuesday a WTO agreement on curbing harmful fishing subsidies, joining the United States, the European Union and a small group of other countries. World Trade Organization chief Ngozi Okonjo-Iweala received the document from China's commerce minister at a meeting in Tianjin. With an estimated 564,000 ships, China in 2020 had the biggest fishing fleet in the world, according to the UN's Food and Agriculture Organization. "As the world leader in marine fish catch, China's support for the implementation of this agreement is critical to multilateral efforts to safeguard oceans, food security and livelihoods," Okonjo-Iweala said at the meeting, according to a WTO statement. After more than two decades of negotiations towards banning subsidies that encourage overfishing and threaten the sustainability of fish stocks worldwide, a deal was finally sealed last June. Canada and the United Arab Emirates accepted the WTO agreement last month, following the United States in April. Iceland, the Seychelles, Singapore and Switzerland have also formally accepted the deal. The agreement bans subsidies for illegal, unreported and unregulated fishing, with a two-year exemption for developing countries within their exclusive economic zones, or 200 nautical miles. It also prohibits subsidies linked to overfished stocks, with a two-year reprieve for poorer nations. To take effect, the accord needs to be formally adopted by two-thirds of the WTO's 164 member states. Commerce Minister Wang Wentao said at the Tianjin meeting that Beijing would work for the accord to enter into force before the next WTO ministerial conference in February 2024 in the United Arab Emirates. "At the same time, China will participate in the second phase of negotiations in a positive and constructive manner and look forward to an early outcome of the negotiations," he said, according to the WTO statement. The next wave of negotiations will focus on subsidies that contribute to overcapacity and overfishing. (AFP)