Switzerland Becomes 1st in WTO to Formally Adopt Fisheries Deal
Switzerland became the first World Trade Organization member to submit its acceptance of the fisheries subsidies agreement struck at the 12th Ministerial Conference, the WTO announced Jan. 20. The agreement bars subsidies to illegal, unreported and unregulated fishing; and bans subsidies for fishing overfished stocks and for fishing on the unregulated high seas. To take effect, the deal requires two-thirds of WTO members to accept it.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
WTO Director-General Ngozi Okonjo-Iweala said she is "very grateful" for Switzerland's leadership. "Switzerland's action will create real momentum for more WTO members to formally accept the Agreement," she said.
China said it's aiming to implement the agreement within the year. Speaking at the World Economic Forum in Davos, Switzerland, China's International Trade Representative Wang Shouwen said China has begun the domestic approval process for the deal, according to an unofficial translation. He said the next ministerial conference should focus on changing the dispute settlement mechanism so that it has neutrality, a binding nature and two-level trial. Other MC13 objectives should be the investment facilitation negotiations and addressing climate change through trade and investment liberalization.