The World Trade Organization (WTO) announced a multi-year donation of EUR 1 million to the WTO Fisheries Funding Mechanism. Ambassador João Aguiar Machado formally presented this contribution to WTO Director-General Ngozi Okonjo-Iweala, with the funds dedicated to supporting the implementation of the Agreement on Fisheries Subsidies among developing and least-developed members. The donation is part of a larger effort by the European Union and its member states to foster sustainability in marine fisheries worldwide.
To fully grasp the impact of this announcement, one must understand how it relates to previous financial support provided by various entities. The European Union's donation increases the cumulative contribution from the EU and its member states to EUR 7.5 million. The activation of the Agreement on Fisheries Subsidies is contingent upon the acceptance of its legal instrument by two-thirds of the membership, according to a press release by WTO.
Notably, this contribution was welcomed with open arms by high-ranking officials within the World Trade Organization. According to a press release by WTO, Okonjo-Iweala said, "I am deeply appreciative to the European Union for its generous donation to the Fisheries Funding Mechanism. This contribution, which complements earlier donations by individual EU member states as well as other WTO members, will go a long way towards broadening the reach of global efforts to make marine fisheries sustainable. Furthermore, the EU's support comes at a vital moment in the push for entry into force of the Agreement on Fisheries Subsidies."
Moreover, representatives from contributing countries have also expressed their enthusiasm and commitment towards achieving these goals. According to a press release by WTO, Aguiar Machado said, "For the EU, the WTO’s Agreement on Fisheries Subsidies (AFS) is a significant step forward in the protection of the health of our oceans as well as a positive indicator of the health of the WTO’s ability to negotiate multilateral rules to respond to global challenges. For both reasons, the Agreement must be properly implemented and the EU’s contribution of EUR 1 million to the Fund is a signal of our commitment to that objective, along with our own early ratification and our engagement in the negotiations to complete the second phase negotiations by the 13th Ministerial Conference (MC13). We urge all members to ratify the AFS as soon as possible to allow it to enter into force when Ministers meet in Abu Dhabi in February."