To assist developing and least-developed country members, the government of Germany has contributed the first tranche of of EUR 500,000.
The contribution is part of a multi-year donation of EUR 2 million to the new World Trade Organisation (WTO) Fisheries Trust Fund.
WTO revealed that the fund is donated to “assist developing members and least-developed country (LDC) members to implement the Agreement on Fisheries Subsidies.”
The contribution was donated during the week by the Head of Directorate-General 1, Federal Ministry for Economic Cooperation and Development in Germany, Mr Dirk Meyer.
Receiving the donation was the Director-General of WTO, Ngozi Okonjo-Iweala and Deputy Director-General, Angela Ellard.
DG Okonjo-Iweala appreciated Germany for its kind gesture and for working in line with the mission of a sustainable environment.
“We are deeply grateful for Germany’s donation and trust in the WTO as a partner working to improve the health of our ocean, reflecting Germany’s long-standing commitment to environmental sustainability.”
The DG highlighted that Germany’s contribution to the Fisheries Subsidies will enhance collective efforts to help the oceans.
Okonjo-Iweala said, “Germany’s support for the Fisheries Fund will be instrumental in our ability to assist developing and LDC members to fulfil their commitments under the Agreement on Fisheries Subsidies.”
“This support, which reflects Germany’s long-standing commitment to environmental sustainability, will enhance our collective global efforts, across all levels of development, to improve and safeguard the sustainability of the ocean for the benefit of fishers, workers, consumers, and future generations,” she added.
Germany’s representative, Meyer said his country will support others on the path to achieve sustainable fishing.
“Preserving fish stocks and other seafood is vital both as a key to healthy diets and livelihoods of millions of people worldwide as well as for our planet’s biodiversity. The abolishment of harmful fisheries subsidies as foreseen under the new WTO Fisheries Subsidies Agreement is a crucial step towards this end.”
He added that “For the Agreement to become effective, countries need to adapt their legal framework as well as put in place practical oversight and implementation.
Germany will support countries on this path to sustainable fishing by actively engaging in the new WTO Fisheries Trust Fund.”
So far, from 2000 up till the most recent donation in 2023, Germany’s total contribution to WTO is summed up to EUR 35,664,000 in different trust funds.
According to WTO, ‘the new Agreement on Fisheries Subsidies will involve adjustments and enhancements to WTO members’ legislative and administrative frameworks, transparency and notification requirements, and fisheries management policies and practices’
“The Agreement also 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 WTO Secretariat is incharge of operating the Fund in partnership with other organizations like the the World Bank Group, Food and Agriculture Organization (FAO) of the United Nations and the International Fund for Agricultural Development