The World Trade Organization (WTO) Fish Fund’s Steering Committee has officially endorsed 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 activated.
The committee has set a financial goal of disbursing $2.5 million (approximately $5.79 million in Fijian dollars) for each funding cycle, designed to guide operational management, enhance partnerships, boost communications, and establish an effective monitoring and evaluation framework.
WTO Deputy-Director-General Angela Ellard stated that the Fish Fund is well-prepared to commence operations. She noted that only 24 member countries still need to deposit their acceptance of the Fisheries Subsidies Agreement for it to take effect. Once that milestone is achieved, the Fund will be primed to address member countries’ financial requirements promptly.
Ellard expressed enthusiasm about the Fund’s rapid development over the past two years and its potential for further growth and influence. She emphasized the importance of ongoing commitment and collaboration from all stakeholders to maximize its impact.
At the recent Steering Committee meeting, Fish Fund manager Jonathan Werner outlined the 2024 work-plan and budget, highlighting the essential objective of operational readiness, including the proactive distribution of funds. The plan contemplates two rounds of proposals for 2025, contingent upon the Agreement entering into force.
The Fish Fund has garnered nearly $15 million (around $34 million Fijian) through contributions from 18 countries, including Australia and New Zealand. To activate the Agreement, two-thirds of the WTO member countries must submit their acceptance instruments. Fiji, for instance, completed its submission on October 24 of the previous year.
The funding initiative was established during the WTO’s 12th Ministerial Conference in Geneva in 2022. It aims to implement rules that curb harmful fishing subsidies while addressing the needs of fishers in developing nations and LDCs, fostering sustainable practices that could benefit global fish stocks.
In summary, the WTO Fish Fund is approaching its operational launch, with a clear strategy to support vulnerable coastal communities through new fisheries subsidies regulations, promoting sustainability and equitable resource management in global fisheries. This effort signifies a hopeful step towards nurturing both economic prosperity for fishers in developing nations and the health of aquatic ecosystems worldwide.
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