Director-General Okonjo-Iweala said: “I am delighted that Montenegro has formally accepted the Agreement on Fisheries Subsidies. Montenegro's embrace of this agreement signals its dedication to aligning its fishing practices with sustainability objectives. This decisive step emphasizes the importance of collective action in safeguarding our oceans for generations to come and shows Montenegro's commitment to the multilateral trading system.”

Ambassador Milačić said: “I am pleased that I had the opportunity to deposit the instrument of acceptance of the WTO Agreement on Fisheries Subsidies on behalf of Montenegro. It is a testament to the vital importance Montenegro places on the long-term sustainability of the oceans, the livelihoods of fishing communities, and the food security of millions of people. It is also evidence of our commitment to multilateralism and joint efforts to advance the multilateral sustainable fisheries agenda by prohibiting harmful subsidies such as those for illegal, unreported and unregulated fishing. We hope that this will be another incentive for other members who have yet to ratify the agreement to do so.”

Montenegro's instrument of acceptance brings to 77 the total number of WTO members that have formally accepted the Agreement. Thirty-three more formal acceptances are needed for the Agreement to come into effect. The Agreement will enter into force upon acceptance by two-thirds of the membership.

Adopted by consensus at the WTO's 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the Agreement on Fisheries Subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world's fish stocks. In addition, the Agreement recognizes the needs of developing economies and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.

The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks and ends subsidies for fishing on the unregulated high seas.

Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the Agreement.

The full text of the Agreement can be accessed here. The list of members that have deposited their instruments of acceptance is available here. Information for members on how to accept the Protocol of Amendment is available here.