The government of Sweden is contributing SEK 5 million (approximately CHF 500,000) to the WTO Fisheries Funding Mechanism to assist developing members and least-developed country members in implementing the Agreement on Fisheries Subsidies. Ambassador Mikael Anzén presented the contribution to WTO Director-General Ngozi Okonjo-Iweala on 27 July, 2023.
Director-General Okonjo-Iweala said: “I am very grateful to Sweden for their contribution to the WTO Fisheries Funding Mechanism. Strengthening the pipeline of assistance for developing and LDC members is vital for the effective implementation of the Agreement on Fisheries Subsidies. Sweden’s donation significantly bolsters the global effort to safeguard our oceans and ensure prosperity for coastal communities worldwide.”
Ambassador Anzén said: “Sweden is proud to be able to make a substantial contribution to the WTO Fish Fund with SEK 5 million (approximately CHF 500,000), in the challenging time of an economic recession. The contribution aims to support developing members in their ratification process of this important agreement. Disciplining harmful fisheries subsidies is a crucial element in our common efforts to maintain healthy fish stocks.”
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.
From 2002 to 2022, Sweden’s total contribution to the various WTO trust funds was CHF 63,026,003.
- Fisheries Funding Mechanism
- Negotiations on fisheries subsidies
- Director-General Ngozi Okonjo-Iweala
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The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.