The World Trade Organization (WTO) Fish Fund’s Steering Committee has successfully approved the budget and work plan for 2025, aimed at assisting developing and least-developed countries (LDCs) in implementing the Agreement on Fisheries Subsidies once it is ratified. The Committee has set a target of allocating $2.5 million (approximately $F5.79 million) for each funding round, outlining a detailed framework for operations, management, partnerships, outreach, and a monitoring and evaluation system.
WTO Deputy Director-General Angela Ellard expressed her confidence in the readiness of the Fish Fund to commence operations, noting that only 24 member countries have yet to confirm their acceptance of the Agreement, which is necessary for it to take effect. Ms. Ellard stated that once the Agreement is enacted, the Fund will be poised to address the immediate needs of member countries.
The Fund has experienced significant growth over the past two years, and Ellard believes that with continued collaboration from stakeholders, it will create a meaningful impact in the fisheries sector. Fish Fund manager Jonathan Werner unveiled the work plan and budget for 2024, emphasizing that the priority is to operationalize the funding mechanism and facilitate the timely disbursement of resources. He highlighted plans for two funding proposals in 2025, both dependent on the Agreement being finalized.
As of now, the Fish Fund has accumulated nearly $15 million (about $F34 million), thanks in part to contributions from 18 countries, including Australia and New Zealand. To activate the Agreement, a two-thirds majority of WTO members must have deposited their acceptance instruments, with Fiji being one of the countries to have done so as of October 24 last year.
This funding initiative emerged from the WTO’s 12th Ministerial Conference in Geneva in 2022, as part of broader efforts to regulate harmful subsidies in the fishing industry and to safeguard global fish populations while accommodating the needs of fishing communities in developing nations.
In summary, the operational readiness of the Fish Fund represents a significant step forward in supporting sustainable fishing practices worldwide. The commitment shown by member countries and the progress made thus far offer hope for a more equitable and sustainable approach to global fisheries management. The proactive measures being established here may contribute positively not only to economic stability in the targeted regions but also to the overarching goal of preserving marine biodiversity.
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