DDG Ellard urges action on harmful fisheries subsidies at Monaco Blue Initiative

DDG Ellard emphasized the achievement by WTO members in successfully concluding the WTO's Agreement on Fisheries Subsidies, the need to enter it into force, and opportunities offered by the upcoming 3rd UN Ocean Conference (UNOC) to be held in Nice, France from 9 to 13 June.

She noted that the state of global fisheries resources is "alarming," with 38% of fish stocks overexploited.  The Agreement on Fisheries Subsidies will be a powerful tool to address the deterioration of fish stocks by prohibiting subsidies for particularly harmful fishing activities.

Prohibiting such subsidies is not only expected to contribute to the sustainability of ocean resources but will also create an opportunity for WTO members to redirect US$ 20 billion in annual harmful subsidies to more sustainable fishing practices, thereby supporting the livelihoods of millions of fisherfolk around the globe, DDG Ellard said.

DDG Ellard noted that 17 acceptances of the Agreement are still needed from WTO members for it to come into force. "It is our hope to celebrate the entry into force with the international ocean community at UNOC," she said.

DDG Ellard also highlighted the WTO Fish Fund, which will start operations as soon as the Agreement enters into force. The Fund is designed to assist developing members in implementing the Agreement and establishing sustainable fisheries management.

She noted that a developing or least developed WTO member is eligible for financing from the Fund provided it has ratified the Agreement, creating a powerful incentive to do so.

WTO members are now seeking to build on the Agreement to address subsidies contributing to overcapacity and overfishing, she told participants.

"Members recognize that an agreement on subsidies contributing to overcapacity and overfishing is essential to improve fish stocks and support the economic and environmental sustainability of our oceans for future generations," she said.  "I am confident WTO members will do all they can to get there as quickly as possible."

Launched in 2010 by Prince Albert II of Monaco, the Monaco Blue Initiative serves as an informal think tank to accelerate the integration of ocean issues into international negotiations on the environment.

More information regarding the WTO's work with regards to reducing the impact of harmful fisheries subsidies can be found here.