The World Trade Organization (WTO) has announced that the Republic of Korea has pledged USD 1 million to support the implementation of the Agreement on Fisheries Subsidies for developing members and least-developed country (LDC) members. The contribution was made by Inkyo Cheong, Trade Minister of the Republic of Korea, to WTO Director-General Ngozi Okonjo-Iweala.
The Agreement on Fisheries Subsidies, which was adopted at the WTO's 12th Ministerial Conference, introduces enforceable global regulations aimed at reducing harmful subsidies that are depleting fish stocks. Article seven of this agreement establishes the WTO Fisheries Funding Mechanism. This mechanism offers technical assistance to developing and least-developed countries with a goal to support the implementation of the agreement and promote sustainable fisheries management, as per information provided on the WTO Fisheries Funding Mechanism webpage.
According to a press release by WTO, Okonjo-Iweala expressed her gratitude towards Korea's contribution. She said, "I extend my deep gratitude to Korea for their generous contribution to the WTO Fisheries Funding Mechanism. This vital support will bolster the implementation of the Agreement on Fisheries Subsidies among developing members and least-developed country members. Korea's invaluable partnership will help pave the way towards ocean sustainability."
In another press release by WTO, Cheong highlighted the importance of collective efforts in achieving Sustainable Development Goal 14.6. He said, "Fulfilling the mandate of Sustainable Development Goal 14.6 is critical to protect fishery resources and ensure the health of the oceans. This cannot be achieved by a single member but requires collective efforts and participation from all members around the world. In this regard, Korea is pleased to contribute USD 1 million to the WTO Fisheries Funding Mechanism on occasion of the 13th Ministerial Conference (MC13)."
Cheong further emphasized Korea's commitment towards international cooperative efforts for achieving sustainable oceans. He said, "We hope that our contribution to the Fish Fund will help better implement the landmark Agreement on Fisheries Subsidies by providing technical assistance and capacity building to developing and least-developed country members. Korea remains committed to constructively participating in the cooperative efforts of the international community to achieve sustainable oceans."