Nigeria finally deposited its instrument of acceptance for the Agreement on Fisheries Subsidies yesterday, making it the second African World Trade Organisation (WTO) member to do so. Acceptances from two-thirds of WTO members are needed for the Agreement to come into effect. Reacting to this, Okonjo-Iweala said: “I am profoundly grateful to Nigeria for formally accepting the WTO Agreement on Fisheries Subsidies. He added that the Agreement would put a stop to all harmful fisheries subsidies, such as illegal, unreported and unregulated fishing activities by all WTO members. The Agreement prohibits support for IUU fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on unregulated high seas.

Source: The Guardian June 13, 2023 06:44 UTC