Cabinet approval signals commitment to curbing IUU fishing, protecting marine resources, and boosting global trade access through fisheries subsidies reform.
Sri Lanka Advances WTO Fisheries Subsidies Reform
In a decisive policy move, the Cabinet of Ministers on Monday approved Sri Lanka’s ratification of Stage I of the World Trade Organization (WTO) Agreement on Fisheries Subsidies, marking a pivotal step in the country’s journey toward sustainable ocean governance and enhanced trade competitiveness.
Speaking at the weekly post-Cabinet media briefing on Tuesday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa highlighted that this ratification enables Sri Lanka to access the WTO’s dedicated Fisheries Subsidies Fund. This fund is designed to assist member nations in implementing subsidy reforms and upgrading the technological capacities of their fisheries sectors.
Aligning with WTO Standards to Improve Fisheries Trade
Dr. Jayatissa emphasized that adopting the agreement not only affirms Sri Lanka’s role as a responsible maritime nation but also unlocks new trade opportunities. By aligning with international standards for sustainability and traceability, Sri Lanka can improve its presence in high-value seafood export markets.
The global need for a structured framework on fisheries subsidies was first recognized during the WTO’s 11th Ministerial Conference in Buenos Aires in 2017. After years of negotiation, the Fisheries Subsidies Agreement was finalized at the 12th Ministerial Conference in 2022.
WTO Fisheries Subsidies Stage I: Tackling IUU Fishing and Marine Conservation
The agreement is built around three main pillars: prohibiting subsidies that support illegal, unreported, and unregulated (IUU) fishing; banning subsidies for fishing overfished stocks; and eliminating subsidies that contribute to overcapacity and overfishing.
Stage I, which Sri Lanka has now moved to ratify, addresses the first two pillars—targeting IUU fishing and protecting overfished marine stocks. This foundational phase officially began in 2023, laying the groundwork for a coordinated global response to harmful fishing subsidies.
The Cabinet’s endorsement followed a joint proposal by Fisheries, Aquatic and Ocean Resources Minister Ramalingam Chandrasekar and Trade, Commerce, Food Security and Co-operative Development Minister Wasantha Samarasinghe.
This strategic ratification places Sri Lanka in alignment with global sustainability goals while supporting the modernization of its domestic fisheries industry through targeted reforms and international collaboration.