New Zealand Exporters Set to Benefit from Fairer Competition Under WTO Fisheries Subsidies Agreement

Trade and Investment Minister Todd McClay says New Zealand exporters will benefit from fairer competition as the World Trade Organisation’s Agreement on Fisheries Subsidies takes effect today, after nearly two decades of negotiations.

Unfair subsidies distort markets and disadvantage responsible producers. This agreement delivers on New Zealand’s long-standing push for global reform, ensuring Kiwi exporters can compete on a level playing field while helping to safeguard fish stocks for the future, Mr McClay says.

The agreement prohibits subsidies that support illegal, unreported, and unregulated fishing, fishing of overfished stocks and unregulated high seas fishing.

New Zealand was the first WTO member to call for improved rules on fish subsidies in the 1990s. Now we look forward to seeing the benefits, especially in the Pacific, where many of our key partners and exporters operate, Mr McClay says.

New Zealand will also continue to back efforts to conclude additional rules on fish subsidies at the WTO.

Mr McClay says the agreement reinforces New Zealand’s wider trade ambition of doubling the value of New Zealand’s exports in 10 years.

Stronger global rules that deliver fairer competition are an important part of that.

The Agreement on Fisheries Subsidies entered into force following ratification by two thirds of the WTO members. New Zealand ratified it in September 2023, after negotiations concluded in 2022.