Hong Kong, China officially accepts the Fisheries Subsidies Agreement of the World Trade Organization | WTO | Hong Kong, China
On the 21st, Hong Kong, China submitted its accession document to the Fisheries Subsidies Agreement to the World Trade Organization.
The Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region Government, Qiu Yinghua, stated that Hong Kong has always firmly supported the multilateral trade system and is pleased to submit an accession document to the World Trade Organization, working together with countries around the world to implement the agreement and bring benefits to trade, development, and the environment.
The agreement establishes a set of binding multilateral rules that prohibit members from providing subsidies that cause the greatest damage to the sustainability of fisheries.
Qiu Yinghua said that Hong Kong, China is committed to constructive cooperation with other WTO members to further strengthen the rules of the agreement.
After more than 20 years of negotiations, the agreement was adopted at the 12th Ministerial Conference of the World Trade Organization in June 2022 and subsequently opened for members to join. The agreement will come into effect after being accepted by two-thirds of the WTO members. As of August 21, 2023, a total of 42 WTO members have joined the agreement.