The Republic of Korea is contributing US$1 million to assist developing members and least-developed country (LDC) members in implementing the Agreement on Fisheries Subsidies.
Korea’s Trade Minister Inkyo Cheong presented the contribution to WTO Director-General Ngozi Okonjo-Iweala in Abu Dhabi ahead of the 13th Ministerial Conference (MC13).
‘I extend my deep gratitude to Korea for their generous contribution to the WTO Fisheries Funding Mechanism. This vital support will bolster the implementation of the Agreement on Fisheries Subsidies among developing members and least-developed country members. Korea’s invaluable partnership will help pave the way towards ocean sustainability,’ Ngozi Okonjo-Iweala said.
‘Fulfilling the mandate of Sustainable Development Goal 14.6 is critical to protect fishery resources and ensure the health of the oceans,’ commented Inkyo Cheong.
‘This cannot be achieved by a single member, but requires the collective efforts and participation of all members around the world. In this regard, Korea is pleased to contribute USD 1 million to the WTO Fisheries Funding Mechanism on the occasion of the 13th Ministerial Conference (MC13). We hope that our contribution to the Fish Fund will help better implement the landmark Agreement on Fisheries Subsidies by providing technical assistance and capacity building to developing and least-developed country members. Korea remains committed to constructively participating in the cooperative efforts of the international community to achieve sustainable oceans.’
The Agreement on Fisheries Subsidies will enter into force upon its acceptance by two-thirds of WTO members. Sixty-one members’ acceptances, accounting for 55% of the acceptances needed for the Agreement to come into effect, have already been received.
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 voluntary 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 – the Food and Agriculture Organization (FAO) of the United Nations, the International Fund for Agricultural Development, and the World Bank Group.
