Economy

At National Assembly ordinary session: Trade minister advocates ratifying WTO Marrakech Protocol on fisheries subsidies.

Luc Magloire Mbarga: Minister of Trade

The Minister of Trade, Luc Magloire Mbarga Atangana, has advocated the ratifying of the Protocol of the World Trade Organisation, WTO, Marrakech Agreement on fisheries subsidies.
He was speaking before the Foreign Affairs Committee of the National Assembly, chaired by Hon Emmanuel Banmi Tuesday June 18.

This Agreement, the result of collaborative efforts at the 1994 Conference, aims to improve the standard of living in member countries, ensure full employment, increase production and trade in goods and services, and optimise the use of the world's resources.

The information was made public through an official statement published on the official Facebook page of the Ministry of Trade.

According to the government official, the Agreement also provides flexibility and advantages to developing countries through Special and Differential Treatment. Minister Mbarga Atangana emphasised that for the Agreement to come into effect, "two-thirds of the WTO members must deposit their instruments of acceptance with the Organisation after ratification at the internal level".

Furthermore highlighting the benefits for Cameroon, particularly in curbing the predatory activities of foreign vessels, Minister Mbarga Atangana stressed the importance of ratifying this Agreement.

According to him, Cameroon, as the Coordinator of the African Group at WTO Conferences, played a leading role in negotiating the Agreement, facilitating a historic consensus. With 51 WTO members, including 13 African countries, having already ratified the Agreement, the implementation process is underway, thanks to the joint efforts of member states.

As the host country of the 14th WTO Ministerial Conference, set to take place in the first quarter of 2026, Cameroon is obligated to set a precedent, aligning with the Head of State's vision of an economy open to the world and a rules-based multilateral trading system.

"This is a great diplomatic victory for our country, being the first time a Central African nation will host a global event of this magnitude since Marrakech in Morocco in 1994, and Nairobi in Kenya in 2015," Minister Mbarga Atangana said.

According to experts, by championing this Protocol, Cameroon demonstrates its commitment to sustainable development and the fair regulation of fisheries subsidies, aiming to protect marine resources and enhance the livelihoods of its fishing communities.

This story was first published in The Guardian Post issue No: 3147 of Sunday June 23, 2024