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Nigeria has ratified the World Trade Organisation (WTO) Fisheries Subsidies Agreement and deposited the instrument the Director General at the Secretariat.
This was disclosed in a statement by Ambassador (Dr) Adamu Mohammed Abdulhamid, Nigeria’s Ambassador to the WTO, after the ceremony of presentation of the instrument of ratification for the WTO Fisheries Subsidies Agreement to Dr. Ngozi Okonjo-Iweala, GCON at the WTO Secretariat, Geneva, Switzerland, 12th June, 2023.
Ambassador Adamu Mohammed Abdulhamid said “that Nigeria has deposited its FSA instrument of ratification, makes Nigeria to be the second African country after Seychelles, to formally accept fisheries subsidies agreement and the number nine (9) among 164 WTO members to deposit the instrument to the WTO. Others are still undergoing the ratification process at the national level. The agreement shall enter into force after Two Third of members ratified and deposited the legal instrument at the WTO”.
The statement read:
“Remain only five (5) days from today being 12th June 2023 to make it one year since the Ministers of Trade from the WTO Members, Nigeria inclusive met in Geneva at the 12th WTO Ministerial Conference (17thJune, 2022) and adopted the Agreement on Fisheries subsidies and expected members to ratify the Agreement at national level after which the instrument of the ratification be deposited to the DG, WTO.
“I thank the Nigerian Government in Particular the Presidency, the Federal Ministries of Industry, Trade and Investment, Agriculture and Rural Development, Justice and all other stakeholders for playing some measure roles in the negotiations of the Agreement as well as the finalization of the ratification process. The leadership role by Dr. Evelyn Ngige, Permanent Secretary, Federal Ministry of Industry, Trade and Investment is very commendable.
“Today that Nigeria has deposited its FSA instrument of ratification, makes Nigeria to be the second African country after Seychelles, to formally accept fisheries subsidies agreement and the number nine (9) among 164 WTO members to deposit the instrument to the WTO. Others are still undergoing the ratification process at the national level. The agreement shall enter into force after Two Third of members ratified and deposited the legal instrument at the WTO.
“It is worthy of note that the Agreement is consistent with SDG 14.6 Target which is aimed at prohibiting certain forms of fisheries subsidies that are harmful to the global marine fish stocks.
“We believe that the Agreement presents a unique opportunity for Nigeria to promote sustainable use of ocean resources for economic growth and the improvement of livelihoods while preserving the health of ocean ecosystem. And we are expecting the Agreement to put a stop to all harmful fisheries subsidies such as illegal, unreported, and unregulated fishing activities by all WTO members.
“By this instrument of acceptance, Nigeria reassures its commitment to a rule based multilateral trading system by guaranteeing its compliance with the Agreement as well as refraining from introducing any new subsidies that harm the marine environment while recognizing the need for appropriate and effective special and differential treatment for developing and Least developed countries which can be achieved through adequate policy space to develop its fisheries sector and technical assistance and capacity building in order to implement the discipline.
“In the implementation of this agreement, Nigeria aim to put in place adequate conservation management practices through the effective utilization of the existing flexibilities within the agreement.
“Nigeria calls on other WTO members who are yet to ratify this agreement to do so as soon as possible so as to contribute to our global effort of preservation of the global fish stocks”.
