The Deputy Director-General of the World Trade Organization (WTO), Angela Ellard, addressed the Monaco Blue Initiative, emphasizing the progress made by WTO members in concluding the Agreement on Fisheries Subsidies. She highlighted the need for its implementation and discussed opportunities presented by the upcoming 3rd UN Ocean Conference in Nice, France.
Ellard described the global fisheries situation as "alarming," with 38% of fish stocks being overexploited. The Agreement on Fisheries Subsidies aims to curb this trend by banning subsidies for harmful fishing activities. This prohibition is expected to enhance ocean resource sustainability and allow WTO members to redirect $20 billion annually towards sustainable fishing practices, supporting millions of fisherfolk worldwide.
Currently, 17 more acceptances are required from WTO members for the Agreement to take effect. "It is our hope to celebrate the entry into force with the international ocean community at UNOC," Ellard stated.
She also mentioned that once active, the WTO Fish Fund will assist developing countries in implementing sustainable fisheries management under the Agreement. Eligibility for financing from this Fund requires ratification of the Agreement by a developing or least developed member, offering a strong incentive for ratification.
Ellard informed participants that WTO members are working to expand upon this Agreement to tackle subsidies leading to overcapacity and overfishing. "Members recognize that an agreement on subsidies contributing to overcapacity and overfishing is essential to improve fish stocks and support economic and environmental sustainability," she said. "I am confident WTO members will do all they can to get there as quickly as possible."
The Monaco Blue Initiative was launched in 2010 by Prince Albert II of Monaco as a think tank aimed at integrating ocean issues into international environmental negotiations.
More details about WTO's efforts regarding harmful fisheries subsidies can be found through their resources.