DG Okonjo-Iweala said: “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 said: “As the UAE was one of the early member countries to ratify the Agreement on Fisheries Subsidies, joining the 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.”
“This initiative stems from the UAE’s deep concern about the worrying situation of fish stocks around the globe accelerated by the negative impact of harmful subsidies. Taking into account the urgent need to protect oceans from the widespread depletion of the world’s fish stocks, the UAE has 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 to join the ratifying members’ list. We believe that the current momentum of ratification should be maintained, perhaps even speed up the process, so as to facilitate the entry into force of the Agreement and help preserve ocean wealth for future generations,” he said.
The Agreement on Fisheries Subsidies will enter into force upon its acceptance by two-thirds of WTO members. Eighty-three WTO members have formally accepted the Agreement. Twenty-eight more formal acceptances are needed for the Agreement to come into effect. Because the new Agreement will involve adjustments and enhancements to WTO members’ legislative and administrative frameworks, their transparency and notification obligations, and their fisheries management policies and practices, Article 7 of the Agreement provides for the creation of a voluntary funding mechanism to finance targeted technical assistance and capacity building to help developing and least developed country members with implementation.
The Fund is operated by the WTO, with the support of the Food and Agriculture Organization (FAO), the International Fund for Agricultural Development (IFAD), and the World Bank Group. These core partners bring together relevant expertise to support Members seeking assistance to implement the Agreement.
More information on the fund, which became operational on 8 November 2022, is available here.
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