The Steering Committee of the World Trade Organization (WTO) Fish Fund has greenlit the budget and work plan for 2025, aimed at assisting developing countries and least-developed countries (LDCs) in implementing the Agreement on Fisheries Subsidies once it comes into effect. The committee plans to allocate $2.5 million for each funding round, which will support various activities including secretariat operations, partnerships, and communication strategies, as well as establishing a framework for monitoring and evaluation.

WTO Deputy Director-General Angela Ellard expressed confidence in the readiness of the Fish Fund to be operational. She noted that only 24 countries need to finalize their acceptance of the Fisheries Subsidies Agreement for it to take effect. Ellard emphasized the importance of the Fund’s operational readiness, stating, “Once the agreement is in place, the Fund will be poised to swiftly address the needs of member nations.”

The Fish Fund has seen significant growth since its inception, with hopes of exerting a positive impact on global fisheries management through collaborative effort. During the meeting, Fish Fund manager Jonathan Werner outlined that the primary focus for 2024 is ensuring the fund’s functionality, including the planned disbursement of financial resources. The work plan anticipates two proposal requests in 2025, contingent on the agreement being enacted.

Notably, the Fish Fund has garnered almost $15 million in contributions, with Australia and New Zealand being among the 18 nations that have donated. For the agreement to be enacted, two-thirds of the WTO members must submit their approval.

The Fish Fund was established during the WTO’s 12th Ministerial Conference in Geneva in 2022, as part of the effort to create new rules to minimize harmful subsidies and protect global fish stocks, while keeping in mind the needs of fishers from developing and LDCs.

This development highlights a growing global commitment towards sustainable fisheries, showcasing collaborative efforts to ensure that fish stocks thrive for future generations while supporting the livelihoods of communities reliant on fishing.