The United Arab Emirates is contributing USD 1 million (about CHF 847,000) to help creating members and least-developed nation (LDC) members implement the Settlement on Fisheries Subsidies.
UAE Ambassador Abdelsalam Mohamed A. Al Ali introduced the contribution to WTO Director-Basic Ngozi Okonjo-Iweala on Sept 17.
DG Okonjo-Iweala stated: “The beneficiant contribution from the United Arab Emirates to the WTO Fish Fund is a crucial step in direction of supporting sustainable fishing practices globally. It is going to assist fellow WTO members meet their obligations below the landmark Settlement on Fisheries Subsidies and handle their fisheries sustainably. I’m grateful for this demonstration of world solidarity, which can assist us shield our oceans and help the tens of millions of people that rely on marine sources for his or her livelihoods and meals safety.”
Ambassador Al Ali stated: “Because the UAE was one of many early member international locations to ratify the Settlement on Fisheries Subsidies, becoming a member of the worldwide efforts to realize Sustainable Improvement Aim 14.6, it’s equally proud and honoured to formally formalize the announcement made by His Royal Highness Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Overseas Affairs of the UAE, to contribute USD 1 million to the WTO Fisheries Funding Mechanism.”
“This initiative stems from the UAE’s deep concern in regards to the worrying state of affairs of fish shares across the globe accelerated by the detrimental impression of dangerous subsidies. Taking into consideration the pressing want to guard oceans from the widespread depletion of the world’s fish shares, the UAE has formally accepted this long-awaited and historic Settlement on Fisheries Subsidies. We’re assured that this Fish Fund will contribute substantively to assist creating international locations and LDCs to affix the ratifying members’ listing. We consider that the present momentum of ratification ought to be maintained, even perhaps pace up the method, in order to facilitate the entry into power of the Settlement and assist protect ocean wealth for future generations,” he stated.
The Settlement on Fisheries Subsidies will enter into power upon its acceptance by two-thirds of WTO members. Eighty-three WTO members have formally accepted the Settlement. Twenty-eight extra formal acceptances are wanted for the Settlement to return into impact. As a result of the brand new Settlement will contain changes and enhancements to WTO members’ legislative and administrative frameworks, their transparency and notification obligations, and their fisheries administration insurance policies and practices, Article 7 of the Settlement supplies for the creation of a voluntary funding mechanism to finance focused technical help and capability constructing to assist creating and least developed nation members with implementation.
The Fund is operated by the WTO, with the help of the Meals and Agriculture Group (FAO), the Worldwide Fund for Agricultural Improvement (IFAD), and the World Financial institution Group. These core companions deliver collectively related experience to help Members looking for help to implement the Settlement.
