President Yoon Suk Yeol (R) meets with Ngozi Okonjo-Iweala, director general of the World Trade Organization, at the presidential office in Seoul on May 23, 2023, in this file photo provided by the presidential office. (Image courtesy of Yonhap)
SEOUL, Oct. 24 (Korea Bizwire) — South Korea’s industry ministry said Tuesday the government has formally accepted an agreement by the World Trade Organization (WTO) aimed at banning subsidies for illegal fishing.
The agreement centers on prohibiting subsidies that contribute to overfishing and other illegal, unregulated fishing so as to ensure the sustainability of fish stocks and the industry.
Following South Korea’s approval, the total number of WTO members that have formally endorsed the rule reached 51, taking up 46 percent of the necessary support for the agreement to take effect, according to the Geneva-based organization.
“Once implemented, the multilateral rule will curb harmful subsidies that may lead to the depletion of global fisheries resources and contribute to the sustainable use of maritime resources,” the Ministry of Trade, Industry and Energy said in a statement.
“It will especially help to address the issue of illegal and overfishing by foreign vessels in our nearby waters,” it added.
(Yonhap)
