The United Arab Emirates has donated USD 1 million to the World Trade Organization (WTO) Fish Fund, marking a significant contribution towards global sustainable fishing practices. WTO Director-General Ngozi Okonjo-Iweala acknowledged the donation, stating, "The generous contribution from the United Arab Emirates to the WTO Fish Fund is an important step towards supporting sustainable fishing practices globally. It will help fellow WTO members meet their obligations under the landmark Agreement on Fisheries Subsidies and manage their fisheries sustainably. I am grateful for this demonstration of global solidarity, which will help us protect our oceans and support the millions of people who depend on marine resources for their livelihoods and food security."
Ambassador Al Ali expressed pride in formalizing the announcement made by His Royal Highness Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs of the UAE. He said, "As the UAE was one of the early member countries to ratify the Agreement on Fisheries Subsidies, joining international efforts to achieve Sustainable Development Goal 14.6, it is equally proud and honoured to officially formalize the announcement made by His Royal Highness Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs of the UAE, to contribute USD 1 million to the WTO Fisheries Funding Mechanism."
Al Ali further elaborated on UAE's concerns about global fish stocks: "This initiative stems from the UAE's deep concern about the worrying situation of fish stocks around the globe accelerated by harmful subsidies. Taking into account the urgent need to protect oceans from widespread depletion of fish stocks, we have formally accepted this long-awaited and historical Agreement on Fisheries Subsidies. We are confident that this Fish Fund will contribute substantively to help developing countries and LDCs join ratifying members' list. We believe that current momentum should be maintained or even sped up to facilitate entry into force of Agreement and preserve ocean wealth for future generations."
The Agreement on Fisheries Subsidies requires acceptance by two-thirds of WTO members before it can take effect. Currently, eighty-three members have formally accepted it; twenty-eight more acceptances are needed for its implementation.
Article 7 of this agreement provides for a voluntary funding mechanism aimed at financing technical assistance and capacity building for developing and least developed country members.
The fund is operated by WTO with support from core partners including Food and Agriculture Organization (FAO), International Fund for Agricultural Development (IFAD), and World Bank Group.
More information about this fund is available since its operational date on November 8th, 2022.