30 Jun 2023 13:23

Ukrainian Verkhovna Rada ratifies WTO Agreement on Fisheries Subsidies

MOSCOW. June 30 (Interfax) - The Verkhovna Rada of Ukraine has ratified the World Trade Organization's (WTO) Agreement on Fisheries Subsidies, which prevents illegal and excessive fishing and contributes to environmental protection, Deputy Minister of Economy and Trade Representative of Ukraine Taras Kachka said.

"This agreement is extremely important because it is a part of a broader agenda. WTO is standing at the crossroads, and the opportunity itself to sign global agreements concerning all member states indicates the possibility of progressing on other issues as well," Ukrainian media outlets quoted Kachka as saying in his post on social networks.

The Agreement on Fisheries Subsidies is an important element of attracting assistance to the Global South as well, he said. The WTO Fisheries Funding Mechanism primarily helping the countries of the South will operate as part of this agreement. The agreement also deals with subsidies and protection of the environment.

Global trade is now entering a period when huge subsidies "under the noble disguise", primarily for the environmental protection, are becoming the main barrier, Kachka said.

Against this background, the strategic objective of the domestic market is creating the right system of financial support of domestic businesses in general and the industry in the first place, Kachka said. He said he believes the work at the international level must involve developing the instruments restricting "oversized and harmful subsidies" in other countries and enabling Ukraine's accelerated development, he said.

"It requires truly active work in WTO, and the ratification of the Agreement on Fisheries Subsidies is a signal that truly fair global trade rules are important for us," the deputy economy minister said.