On July 27, 2023, the World Trade Organization (WTO) announced that the government of Sweden has pledged SEK 5 million (approximately CHF 500,000) to the WTO Fisheries Funding Mechanism. This contribution is aimed at supporting developing members in implementing the Agreement on Fisheries Subsidies according to a press release by WTO.
"I am very grateful to Sweden for their contribution to the WTO Fisheries Funding Mechanism," Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, said.
On July 27, Mikael Anzén, Ambassador to Sweden, gave this gift to Ngozi Okonjo-Iweala, Director-General of the World Trade Organization. The WTO and its partner organizations, such as the Food and Agriculture Organization (FAO) of the United Nations, the International Fund for Agricultural Development, and the World Bank Group, work together to manage the fund, as stated in a press release issued by the WTO. Because of this, the WTO is able to not only capitalize on its own experience but also profit from the expertise that these partner organizations bring to the table.
In a news statement that was released by the WTO, Director-General Ngozi Okonjo-Iweala expressed her gratitude to Sweden for its contribution to the Fisheries Funding Mechanism. It is essential to improve the flow of support for developing LDC states in order to ensure the effective execution of the Agreement on Fisheries Subsidies. The financial contribution made by Sweden will go a long way toward preserving the aquatic environments of the world and guaranteeing the economic well-being of coastal towns everywhere.
Article 7 of the Accord on Fisheries Subsidies mandates the construction of a financial structure, with the goal of assisting developing and least-developed country members in the process of putting the accord into action. According to a press release, the purpose of the funding mechanism is to provide targeted technical assistance and capacity building in the interest of assisting these members in making the necessary adjustments to their legislative and administrative frameworks, transparency and notification obligations, and fisheries management policies.
WTO Ambassador Mikael Anzén was quoted in a press release as saying, "Sweden is proud to be able to make a substantial contribution to the WTO Fish Fund with SEK 5 million (approximately CHF 500,000), in the challenging time of an economic recession."