(Yicai Global) June 28 -- China has accepted a key treaty formed by the World Trade Organization to stop providing subsidies for the fisheries sector to maintain a balance of global resources.

China will actively promote the implementation of the Agreement on Fisheries Subsidies before the 13th WTO Ministerial Conference in February, Wang Wentao, commerce minister, said when presenting the document to Ngozi Okonjo-Iweala, director-general of the WTO, during the 14th Summer Davos Forum in Tianjin yesterday.

This is the first pact for the WTO that targets a sustainable development goal, and it was adopted by consensus in June 2022. After more than two-thirds of WTO members ratify the agreement, it will enter into force.

"China will participate in the second phase of negotiations in a positive and constructive manner and look forward to an early outcome of the negotiations," Wang said.

"I am delighted to welcome China's formal acceptance of the Agreement on Fisheries Subsidies," the chief of the intergovernmental organization said. “As the world leader in marine fish catch, China's support for the implementation of this agreement is critical to multilateral efforts to safeguard oceans, food security, and livelihoods.”

The WTO will establish a fund to provide technical assistance and capacity building to help developing countries meet their obligations, according to the agreement

The 13th Ministerial Conference will be held in Dubai, the United Arab Emirates, where member states will propose additional provisions to strengthen the agreement.

Editors: Lv Yining, Emmi Laine