The funding mechanism for targeted technical assistance and capacity-building seeks to help developing and LDC members implement the Agreement on Fisheries Subsidies, as the new rules would involve adjustments to members' legislative and administrative frameworks, transparency and notification requirements, and the enhancement of their fisheries management policies and practices. The mechanism is provided for in Article 7 of the Agreement.
Director-General Okonjo-Iweala said: “The WTO Agreement on Fisheries Subsidies is a landmark in global efforts to preserve our ocean and protect the welfare of the 260 million people who depend on marine fisheries for their livelihoods. I thank France for its very generous contribution to the funding mechanism for members that need technical assistance and capacity-building to implement the agreement.”
Minister Becht said: “The landmark Fisheries Agreement was a crucial first step toward satisfying the United Nations’ 14th Sustainable Development Goal, and a better consideration of sustainable development in trade rules. While WTO members still have negotiating to do, France’s contribution symbolizes our ongoing commitment to these negotiations, to the preservation of marine biodiversity and to the inclusion of developing countries and LDCs in international trade.”
The Fund became operational on 8 November 2022. It is operated by the WTO with partner organizations the Food and Agriculture Organization of the United Nations, the International Fund for Agricultural Development, and the World Bank.
More information is available here.
In total, France has donated more than CHF 26.1 million to the various WTO trust funds over 20 years.