EU pledges €1 million for landmark WTO agreement on fisheries subsidies

By European Commission

EU pledges €1 million for landmark WTO agreement on fisheries subsidies

The EU has pledged €1 million for the Fisheries Funding Mechanism which forms part of the World Trade Organization (WTO) Agreement on Fisheries Subsidies reached last year. Established in November 2022, this new Fisheries Funding Mechanism aims to support sustainability in fisheries and eliminate harmful fisheries subsidies.

It will provide grants to developing and least-developed countries so they can benefit from technical assistance and capacity-building to implement the WTO Agreement on Fisheries Subsidies.

These grants will complement and leverage other existing assistance available for sustainable fisheries. The announcement was made by Executive Vice-President Valdis Dombrovskis in Davos, at the occasion of his meeting with WTO Director General Ngozi Okonjo-Iweala.