The EU has pledged €1 million for the Fisheries Funding Mechanism which forms part of the World Trade Organization (WTO) Agreement on Fisheries Subsidies reached last year. Established in November 2022, this new Fisheries Funding Mechanism aims to support sustainability in fisheries and eliminate harmful fisheries subsidies. It will provide grants to developing and least developed countries so they can benefit from technical assistance and capacity-building to implement the WTO Agreement on Fisheries Subsidies.
These grants will complement and leverage other existing assistance available for sustainable fisheries. The announcement was made by Executive Vice-President Valdis Dombrovskis in Davos, at the occasion of his meeting with WTO Director General Ngozi Okonjo-Iweala.
The WTO Agreement on Fisheries Subsidies reached at the WTO's 12th Ministerial Conference on June 2022 delivered meaningful new rules which clamp down on subsidies that lead to over-fishing. It is the WTO's first multilateral agreement to support sustainability.
For the Agreement to become operational, two-thirds of WTO Members have to notify their acceptance of it to WTO. Negotiations are also ongoing at the WTO on outstanding issues on fisheries subsidies, including on further enhancements of the Agreement.
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The Agreement on Fisheries Subsidies is a major step forward for ocean sustainability. It prohibits harmful fisheries subsidies, which are a key factor in the widespread depletion of the world’s fish stocks. It is paramount that all WTO Members, regardless of their means or level of development, implement this agreement effectively and as soon as possible. By pledging €1 million to the Fisheries Funding Mechanism, the EU is helping those who do not currently possess sufficient technical know-how or capacity to do just that. We also encourage other Members who can do so to pledge their support. Together, we can make fisheries more sustainable worldwide.Valdis Dombrovskis, Executive Vice-President and Commissioner for Trade - 20/01/2023
Miriam GARCIA FERRER
Phone: +32 2 299 90 75
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