The EU has pledged to allocate 1 million euros for the fisheries financing mechanism which is part of the WTO agreement, the World Trade Organization reached last year. Established in November 2022, this new fisheries financing mechanism aims to support sustainability: it will provide grants to developing and least developed countries so that they can benefit from technical assistance and capacity building for the implementation of the WTO agreement.
The grants will build on other aid already available for sustainable fisheries. The announcement was made by executive vice president Valdis Dombrovskis in Davos, on the occasion of his meeting with WTO director general Ngozi Okonjo-Iweala. At the 12th WTO Ministerial Conference in June 2022, the organization introduced new rules that allow it to reduce subsidies that can lead to overfishing. This just ratified is the first WTO multilateral agreement in support of sustainability: for it to become operational, two thirds of the members must notify their acceptance. In addition, negotiations are ongoing within the organization on outstanding issues relating to fisheries subsidies, including on further improvements to the agreement.
The agreement on fishing subsidies is an important step forward for the sustainability of the oceans -he explains. Dombrovskis-. It bans harmful fishing subsidies, which are a key driver of the widespread depletion of global fish stocks. It is imperative that all WTO members implement this agreement effectively and as soon as possible. By committing one million euros, the EU is helping those who currently do not have the technical know-how or sufficient skills to do so. We also encourage other members to pledge their support: together, we can make fisheries more sustainable around the world."
Brussels, 24/01/2023 13:37
EFA News - European Food Agency