Following the formal acceptance of Sri Lanka on August 6 and of Nepal on August 18, the World Trade Organization (WTO) Agreement on Fisheries Subsidies only needs approvals from three more member countries to enter into force.
The WTO Agreement on Fisheries Subsidies aims to ensure sustainable global fisheries by establishing new multilateral trade rules on harmful fisheries subsidies, such as those related to illegal, unreported and unregulated fishing. It is the second multilateral agreement, and first environmental agreement, to be negotiated at the WTO since its inception.
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force - representing 111 members. Since 2022, 108 WTO members have deposited their instruments of acceptance. Only three more ratifications are needed for the Agreement to enter into force.
Once the Agreement enters into force, the adhesion protocol will remain open for acceptance and will take effect for each new ratifying member as soon as it deposits its instrument of acceptance with the WTO.