The Director General of World Trade Organization WTO, Dr. Ngpzi Okonjo Iweala yesterday said once the fisheries’ subsidies agreement comes into force, it would help prevent illegal fishing of the Nigerian waters
The DG made this kown at the launch of the WTO Standard Trade Development Facility (STDF) project in Abuja, applauding Nigeria for being the first country to ratify the Fisheries Subsidies Agreement, stating that the country’s Sanitary and Phytosanitary Measures (SPS) and Technical Barriers to Trade (TBT) Agreements ensure traded goods meet certain quality standards globally.
Dr Okonjo said “One of the key projects we are launching today with STDF, ITC, and the NEPC, is a project that will help with international safety and quality certification for sesame and cowpeas or black-eyed peas. Nigeria is on the move with WTO, we should work hard to ensure that these projects empower ordinary people and make a difference in their lives.
The WTO Agreement on Fisheries Subsidies is the first WTO agreement that focuses on environmental sustainability. It establishes a set of binding prohibitions and rules that seek to ensure that the support provided by governments to their fishing sector does not undermine the sustainability of marine resources.
A subsidy granted by a WTO member government is prohibited by the Subsidies Agreement if it is contingent, in law or in fact, on export performance, or on the use of domestic over imported goods. These prohibited subsidies are commonly referred to as export subsidies and import substitution subsidies, respectively.
