Trade critical to ocean sustainability — DG Okonjo-Iweala at UN Ocean Conference

DG Okonjo-Iweala highlighted that trade and the WTO can play a key role in harnessing the opportunities from the blue economy and in protecting the oceans’ resources. Underscoring the blue economy's estimated annual value of over USD 2.6 trillion, she stressed: "The ocean is vital for our food, livelihoods and the health of our planet. More than 3 billion people either directly or indirectly rely on the oceans for their livelihoods." She also emphasized the importance of the oceans in helping many WTO members meet their development objectives, including coastal and small island developing states (SIDS).

Noting that marine and coastal ecosystems are threatened by climate change, biodiversity loss and marine pollution, including plastics pollution, she said that conserving and sustainably managing ocean resources is absolutely critical. "Business as usual is not an option" she said, stressing that a coherent approach that connects trade, finance and investment can help unlock inclusive, sustainable growth from the ocean economy.

DG Okonjo-Iweala said the WTO can support decarbonization efforts by reducing trade barriers and facilitating the cross-border diffusion of environmentally friendly goods, services and technology for maritime shipping and for harnessing renewable energy from the oceans. The WTO also provides a forum for members to share experiences on the trade impact of environmental measures, she noted.

Highlighting the important role the UN Ocean Conference (UNOC) plays in reinforcing international co-operation for the good of the world's oceans and those who depend on its resources, DG Okonjo-Iweala stressed the importance of eliminating harmful fisheries subsidies to preserve ocean resources. WTO members have taken a first important step by adopting the Agreement on Fisheries Subsidies in June 2022, she said, noting that only 10 more ratifications are needed for its entry into force - so far 101 members have already ratified.

DG Okonjo-Iweala was speaking at the opening high-level panel dedicated to conserving, sustainably managing and restoring marine and coastal ecosystems, including deep-sea ecosystems. Her address can be viewed here. Her full remarks are here.

DG Okonjo-Iweala also joined a high-level occasion hosted by France's President Emmanuel Macron for heads of state and other dignitaries to celebrate World Ocean Day on 8 June.

On 13 June, the WTO Secretariat will organize a side-event titled "Sustainable fisheries: The role of trade from oceans to plate", co-organized with the United Nations Food and Agriculture Organization (FAO), United Nations on Trade and Development (UNCTAD) and UNOC co-hosts France and Costa Rica. The event will be opened by WTO Deputy Director-General Angela Ellard, Costa Rica's Minister of Foreign Affairs Arnold André Tinoco, and France's Minister of Maritime Affairs and Fisheries Agnès Pannier-Runacher. The discussion will feature experts from international organizations, the private sector, civil society and academia.

DDG Angela Ellard will deliver a keynote address on 13 June at a session entitled "The WTO Agreement on Fisheries Subsidies and its Benefits: Perspectives from Science, Economics and Small-Scale Fishers" hosted by the Stop Funding Overfishing Coalition.

The WTO Secretariat will also participate at panels and side-events during the UN Ocean Conference, and at special events such as the Blue Economy and Finance Forum.

The WTO Fish Fund opened a Call for Proposals on 6 June, inviting developing and least-developed country (LDC) members that have ratified the Agreement on Fisheries Subsidies to submit requests for project grants aimed at helping them implement the Agreement. More information can be found here.

Information on UNOC is available here.