On August 21 (Geneva time), Hong Kong, China submitted its instrument of accession to the Fisheries Subsidies Agreement to the World Trade Organization (WTO). The Agreement is the second multilateral trade agreement reached by the World Trade Organization since its establishment, and also the first WTO agreement with environmental sustainability as its core. On August 21 (Geneva time), Lai Hsi ming (left), the Permanent Representative of the Hong Kong Special Administrative Region of the People's Republic of China to the World Trade Organization (WTO), submitted the accession document of Hong Kong, China to the WTO Director General Dr. Ivira (right), officially accepting the WTO Fisheries Subsidies Agreement. The Secretary for Commerce and Economic Development, Qiu Yinghua, stated, "The Agreement is an important outcome of the 12th Ministerial Conference of the World Trade Organization. Hong Kong, China, has always firmly supported the multilateral trading system. We are pleased to submit the accession instrument to the World Trade Organization and work together with other parts of the world to implement the Agreement, bringing benefits to trade, development, and the environment, Prohibit members from providing subsidies that cause the greatest harm to the sustainability of fisheries (i.e. subsidies that promote illegal, unreported, and unregulated fishing, subsidies related to overfishing of fish stocks, and subsidies provided for fishing on the high seas without jurisdiction). The provisions of the Agreement incorporate sustainability assessments, establish effective transparency obligations, and also require cooperation among agencies to strengthen member fisheries management. 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 accession by members. Since June 2022, the Environment and Ecology Bureau and the Agriculture, Fisheries and Conservation Department (AFCD) have been preparing for the implementation of the Agreement in Hong Kong, China. The Fisheries and Conservation Department is aware of relevant developments in the fishing industry. In order to ensure that Hong Kong's fisheries subsidy policy meets relevant requirements after the entry into force of the Agreement, the Director of Fisheries and Conservation will make appropriate adjustments to relevant fisheries subsidies and support plans to ensure that international obligations under the Agreement are taken into account when supporting/terminating loans or funding applications after the Agreement enters into force. Therefore, Hong Kong, China is ready to accept the Agreement. WTO members are continuing the second phase of negotiations on several issues that have not yet reached consensus, including subsidy rules that lead to overcapacity and overfishing, with the aim of submitting recommendations to further strengthen the rules of the Agreement at the next WTO Ministerial Conference scheduled for February 2024. Hong Kong, China has been involved in the negotiations and has consulted with the local fishing industry in a timely manner to ensure that the opinions and rights of Hong Kong, China are appropriately considered in the negotiations. Qiu Yinghua continued, "The successful conclusion of the WTO Agreement is a milestone, marking the members' reaffirmation of multilateralism in jointly addressing international concerns. Hong Kong, China is committed to constructive cooperation with other WTO members to further strengthen the rules of the Agreement." The Agreement will take effect after being accepted by two-thirds of the WTO members (110 out of 164 members). As of August 21, 2023, a total of 42 WTO members have joined the Agreement
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