The World Trade Organization’s (WTO) Steering Committee has successfully approved the budget and work plan for the Fish Fund, set to take effect in 2025. This initiative aims to assist developing and least-developed countries in implementing the Agreement on Fisheries Subsidies once it’s activated.
The committee has earmarked $2.5 million for each allocation round, outlining a detailed plan that includes secretariat operations, partnerships, outreach efforts, and the establishment of a monitoring, evaluation, and learning framework. WTO Deputy Director-General Angela Ellard emphasized that the Fish Fund is fully prepared to commence operations.
Currently, only 24 members have yet to deposit their acceptance of the Agreement on Fisheries Subsidies, a crucial requirement for it to become effective. Ms. Ellard assured that once this threshold is reached, the Fund will be poised to respond promptly to member countries’ needs. She expressed optimism about the Fund’s potential growth and its positive impact on the global fishing community.
The Fund manager, Jonathan Werner, reiterated the goal of making the Fish Fund operational with a clear focus on disbursing funds effectively. The work plan includes two planned calls for proposals in 2025, contingent on the agreement’s implementation. Up to now, the Fish Fund has attracted nearly $15 million in contributions from various countries, including notable contributions from Australia and New Zealand.
For the Agreement to enter into force, a two-thirds majority of member states must deposit their instruments of acceptance with the WTO. Fiji has already taken steps by depositing its instrument last October.
The creation of this funding mechanism, established during the WTO’s 12th Ministerial Conference in Geneva in 2022, aims to introduce new regulations that limit harmful subsidies and support sustainable fishery practices, while also addressing the needs of fishermen from developing countries and LDCs.
In summary, as the WTO prepares to implement its Fish Fund, there is a renewed commitment to fostering sustainable fishing practices globally. This initiative not only addresses the critical need to protect fish stocks but also strengthens collaboration and support for vulnerable communities in the fishing industry. It is a significant step toward sustainable development in fisheries, highlighting a positive collaboration among member nations.
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