The Steering Committee of the World Trade Organization (WTO) Fish Fund has announced the approval of its 2025 budget and work plan, aimed at assisting developing countries and least-developed countries (LDCs) in implementing the Agreement on Fisheries Subsidies once it is activated. The Fund is targeting a disbursement of $2.5 million for each funding cycle, with the work plan outlining secretariat operations, management strategies, partnerships, outreach communications, and the establishment of a monitoring, evaluation, and learning framework.
WTO Deputy Director-General Angela Ellard stated that the Fish Fund is fully prepared to commence operations. She highlighted that only 24 member countries need to formalize their acceptance of the Agreement on Fisheries Subsidies for it to take effect. When this happens, the Fund will be positioned to meet the immediate needs of its members.
Ellard noted that the concept of the Fund has expanded significantly over the past two years, with a strong belief that it will continue to make a considerable impact through ongoing commitment and cooperation from all parties involved. Fish Fund manager Jonathan Werner emphasized that the primary focus is to ensure the Fund becomes operational, with plans for two calls for proposals in 2025, which will hinge on the Agreement coming into force.
To date, the Fish Fund has attracted nearly $15 million from various contributors, including countries like Australia and New Zealand among a total of 18 contributors. For the Agreement to be enacted, two-thirds of the WTO members must deposit their acceptance instruments; notably, Fiji deposited its instrument on October 24 of the previous year.
This funding initiative was established at the WTO’s 12th Ministerial Conference in Geneva in 2022 and aims to introduce new regulations to reduce harmful fisheries subsidies while supporting the needs of fishers in developing nations and LDCs.
This positive development signals a crucial step towards sustainable fisheries management and the protection of ocean resources, which could potentially benefit millions of fishers and their communities around the world.
In summary, the approval of the Fish Fund’s budget and work plan underscores a commitment to supporting vulnerable nations in sustainable fishing practices, which is expected to have lasting benefits for global marine ecosystems and local economies.
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