Director-General Okonjo-Iweala said: “I extend my gratitude to the government of Iceland for its contribution to the WTO Fisheries Funding Mechanism. Iceland's continuing support for the implementation of the Agreement on Fisheries Subsidies underscores the importance of collective action in preserving our oceans and promoting responsible fishing practices worldwide. I commend Iceland's leadership in this critical endeavour.”

Permanent Secretary of State Eyjólfsson said: “I am very pleased to formalise Iceland's donation of CHF 500,000 to the Fisheries Funding Mechanism today. Iceland is a global leader when it comes to sustainable fishing, and we have a long history of assisting countries in need of building sustainable fisheries management capabilities. We look forward to working closely with the Fund to secure a timely ratification and successful implementation of the Fisheries Subsidies Agreement.”

Because the new Agreement on Fisheries Subsidies 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 funding mechanism to provide targeted technical assistance and capacity building to help developing and least-developed country members with implementation.

The fund is operated by the WTO with partner organizations, namely the Food and Agriculture Organization (FAO) of the United Nations, the International Fund for Agricultural Development, and the World Bank Group, which bring to bear relevant expertise and allow the WTO to leverage its own expertise.

More information on the fund, which became operational on 8 November, is available here.

Including the most recent donation, Iceland's total contribution to the various WTO trust funds from 2002 to 2023 is CHF 805,000.