Peru formally accepted the World Trade Organization's Agreement on Fisheries Subsidies on July 19, becoming the 14th nation to do so, the WTO announced. The deal, which would impose rules to crack down on subsidies for illegal, unreported and unregulated fishing, requires a two-thirds majority for ratification. "Peru's status as one of the leading marine fishing producers is a strong signal of the importance of the Agreement for global fisheries sustainability," WTO Director-General Ngozi Okonjo-Iweala said. Peru's Minister of Foreign Affairs Ana Cecilia Gervasi Diaz said the country is "honoured to be the first Latin American member" to accept the deal, and hopes it convinces "the rest of the membership towards a prompt entry into force of this Agreement.”

During the fourth in a series of "Fish Weeks," World Trade Organization talks on the second wave of fisheries subsidies negotiations, members increased their sense of "urgency" ahead of the text-based talks set to occur at the 13th Ministerial Conference in February, the WTO said. Iceland's Einar Gunnarsson, who chaired the July 10-14 meetings, said members' "came to this week with deepened reflections on various ideas on the proposals and texts on the table. This effort remains a real indication of the sense of urgency and seriousness with which we are approaching this process." Gunnarsson said text-based talks need to start "as soon as we come back in the fall."

The EU July 14 asked the World Trade Organization to assess whether the U.S. has complied with a dispute panel report finding that U.S. countervailing duties on Spanish olives violated WTO commitments. The EU said the U.S. "has so far failed to comply with" the panel ruling and that the duties, which could shove Spanish olive exporters out of the American market, remain in place.

Gabon formally accepted the World Trade Organization fisheries subsidies deal, making it the third African country to do so and pushing the trade body closer to the two-thirds majority needed for ratification, the WTO announced. Gabon makes 13 total members who have accepted the deal, which imposes restrictions on subsidies for illegal, unreported and unregulated fishing.

The fourth "Fish Week" negotiations on fisheries subsidies opened at the World Trade Organization July 10 with the chair, Iceland's Einar Gunnarsson, fielding members' views on what parts from various proposals submitted by different countries would form the basis of the text-based talks in the fall, according to the WTO. Members are aiming to reach an agreement at the 13th Ministerial Conference set for February. The WTO will hold a July 19 meeting to discuss the "technical work related to the operation of the future Committee on Fisheries Subsidies," which will be established when the original fisheries deal, struck at MC12, comes into force. WTO Deputy Director-General Angela Ellard said "now is the right time to deepen the discussions and identify elements and approaches for the starting point of text-based negotiations in the fall."

The European Commission on July 7 opened a consultation on the use of its enforcement regulation in a World Trade Organization dispute on Indonesia's export restrictions on nickel. The move follows Indonesia's appeal of a WTO dispute panel ruling favorable to the EU. Due to the lack of a functioning Appellate Body, all appeals at the WTO are in limbo.

World Trade Organization members concluded negotiations July 6 on an Agreement on Investment Facilitation for Development (IFD). The IFD seeks to facilitate foreign direct investment, particularly in developing nations, by "making rules transparent, streamlining investment procedures, and improving the relationship between investors and administrations," the European Commission said.

World Trade Organization members discussed ways to improve the notification process for new free trade agreements to the Committee on Regional Trade Agreements during the committee's July 5 meeting, the WTO said. China suggested the use of digital and "other new tools," emphasizing the importance of transparency by making sure members timely notify their trade agreements. China also suggested supporting developing economies in meeting their notification requirements. The chair of the committee praised members' "significant engagement" on the talks.

Many export restrictions on food, feed and fertilizers remain in place despite "substantially more trade-facilitating than trade-restrictive measures" that were introduced on goods from October to May, the World Trade Organization said in its Trade Monitoring Report on G-20 trade measures. Sixty-three export restrictions remained on food, feed and fertilizers, down from the 1,010 that had been imposed since the start of the war in Ukraine. The report, issued July 4, said the war in Ukraine, post-COVID-19 effects, extreme weather, and high food and energy prices are causing continued uncertainty in global trade.

Japan formally accepted the World Trade Organization fisheries subsidies deal, which imposes restrictions on subsidies for illegal, unreported and unregulated fishing. Japan's pushes the number of acceptances to more than a third of the two-thirds majority needed for ratification, the WTO said July 4.