- Hon Todd McClay
The Government is investing a further $150,000 to support implementation of the WTO Fisheries Subsidies Agreement-ensuring New Zealand exporters can compete on a level playing field while helping protect global fish stocks.
"This is about backing rules that stop unfair subsidies and make sure all countries are held to the same standards," Trade and Investment Minister Todd McClay says.
"It's in New Zealand's direct interest to see this Agreement fully implemented-especially in the Pacific, where many of our key partners operate and where our seafood exporters are active."
New Zealand's total contribution now stands at $310,000.
The 2022 Agreement-ratified by 102 WTO members-will ban subsidies that support illegal, unreported, and unregulated (IUU) fishing, fishing of overfished stocks, and unregulated high seas fishing. Just nine more ratifications are needed for it to enter into force.
"Unfair subsidies distort global trade and undercut responsible producers like ours. This Agreement ensures a more level global playing field-while also supporting the sustainability of fish stocks we all rely on," Mr McClay says.
"New Zealand will continue to push for the Agreement to enter into force and for negotiations on additional rules to conclude quickly."
