The Steering Committee of the World Trade Organization (WTO) Fish Fund has approved its 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 enacted. The committee intends to allocate $2.5 million (approximately $F5.79 million) for each funding round, while the work plan outlines various operational aspects such as secretariat management, partnerships, outreach, and a framework for monitoring, evaluation, and learning.
WTO Deputy-Director-General Angela Ellard announced that the Fish Fund is primed for activation. She noted that only 24 members are yet to deposit their acceptance instruments necessary for the Agreement on Fisheries Subsidies to take effect, and once that milestone is reached, the Fund will be ready to assist member countries effectively.
Ellard emphasized the significant growth and potential of the Fish Fund, expressing optimism that with ongoing commitment from all parties involved, it could lead to substantial improvements in fisheries management and sustainability. Fish Fund manager Jonathan Werner highlighted that in 2024, the primary focus will be to make the funding mechanism operational, which includes the distribution of funds. The work plan includes two calls for proposals in 2025, contingent upon the agreement entering into force.
As of now, the Fish Fund has secured approximately $15 million (around $F34 million) in contributions, with Australia and New Zealand being among the 18 countries that have supported the initiative. For the Agreement to be officially enacted, a two-thirds majority of WTO members must deposit their instruments of acceptance. Notably, Fiji completed this process on October 24 of last year.
The establishment of this funding mechanism was a key decision made during the WTO’s 12th Ministerial Conference in Geneva in 2022, aimed at curbing detrimental subsidies and ensuring the sustainability of global fish stocks, while addressing the needs of fishers in developing nations and LDCs.
This initiative not only demonstrates a commitment to sustainable fisheries but also represents an opportunity for developing countries to improve their fishing practices and increase their economic resilience through support from the global community.
In summary, the Fish Fund is poised to make a positive impact on fisheries management, provided the necessary agreement is ratified. The collaborative effort among WTO members shows a promising step toward more sustainable fishing practices that can benefit both the environment and economies of LDCs.
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