Ocean Economy Valued at $2.6tn, Supports 13 cr Jobs

1. WTO Director-General's Keynote Address – 5 November 2026

· WTO Director-General Ngozi Okonjo-Iweala delivered a keynote address at an event titled “Trade, Biodiversity and the Ocean Economy: Pathways to Resilience” at the WTO.

· The event was co-organised by Belgium, Fiji and Portugal.

· She emphasised that multilateral trade provides important instruments for developing a healthy and prosperous ocean economy.

· Called for stronger support for coastal and island economies through international cooperation.

2. Economic Importance of the Ocean Economy

· Global ocean economy valued at approximately US$ 2.6 trillion.

· Supports around 133 million jobs.

· More than 80% of globally traded goods are transported by sea.

· The Director-General stressed that economic prosperity and environmental sustainability must go together.

· Declining marine biodiversity threatens international trade, food security and livelihoods.

3. Importance of the Multilateral Trading System

· Despite geopolitical uncertainties, 72% of global goods trade continues to take place on WTO Most-Favoured-Nation (MFN) terms.

· The multilateral trading system provides instruments to support sustainable ocean development.

· Oceans, as a global common asset, require effective multilateral management.

4. WTO Agreement on Fisheries Subsidies

· Entered into force in September 2025.

· First WTO agreement with environmental sustainability at its core.

· Prohibits subsidies for:

o Illegal, unreported and unregulated (IUU) fishing.

o Fishing of overfished stocks.

o Fishing activities on unregulated high seas.

· DG called upon WTO Members to conclude the remaining negotiations on fisheries subsidies, known as "Fish 2", to further strengthen the agreement's disciplines.

5. Helping Coastal and Island Economies Move Up the Value Chain

· Developing countries, particularly island and coastal economies, need improved access to:

o Technology and technical skills.

o Infrastructure.

o Finance.

o Product processing facilities.

o Certification systems.

o International markets.

· Objective: Enable these economies to capture greater value from ocean-based economic activities.

6. WTO Instruments Supporting Sustainable Ocean Trade

WTO Initiative	Key Objective
Trade Facilitation Agreement (TFA)	Faster cross-border movement of perishable goods.
WTO Agreement on Fisheries Subsidies	Curb harmful fisheries subsidies.
WTO Dialogue on Plastics Pollution	Address single-use plastics and access to waste-management technologies.
Environmental Sustainability Discussions	Improve access to goods and services required for the green transition.
Enhanced Integrated Framework (EIF)	Support trade-related development in least-developed countries.
Standards and Trade Development Facility (STDF)	Strengthen sanitary and phytosanitary capacity and facilitate safe trade.

7. Geneva Nexus – International Cooperation

· The Geneva Nexus is an informal knowledge-sharing initiative established in June 2026 by the Permanent Mission of Portugal and other UN Geneva missions.

· Focus areas:

o Ocean governance.

o International trade.

o Biodiversity.

o Health.

o Food security.

· Partner organisations include:

o WHO – World Health Organization.

o FAO – Food and Agriculture Organization.

o UNEP – United Nations Environment Programme.

o WTO – World Trade Organization.

o UNCTAD – UN Trade and Development.

o WIPO – World Intellectual Property Organization.

o IUCN – International Union for Conservation of Nature.

o WWF – World Wide Fund for Nature.

8. Call for Greater International Cooperation

· DG urged international partners to combine available resources and expertise in Geneva.

· Emphasised translating institutional partnerships into concrete action for sustainable ocean development.

· The keynote address was followed by a panel discussion involving experts from Geneva Nexus partner organisations, moderated by Yuvan Beejadhur, Senior Advisor to the WTO Director-General.

Significance: The WTO is positioning the multilateral trading system as an important instrument for balancing ocean-based economic growth with marine biodiversity conservation, sustainable fisheries, food security and livelihoods, particularly in developing coastal and island economies.

[ABS News Service/06.11.2026]

The multilateral trading system provides important tools for the development of a healthy and prosperous ocean economy, Director-General Ngozi Okonjo-Iweala said in her keynote speech at an event on "Trade, Biodiversity and the Ocean Economy: Pathways to Resilience" at the WTO on 5 November. Highlighting the importance of strengthening support for coastal and island economies, she said: "Trade is part of the answer. The oceans are an asset of the global commons that can best be managed through multilateral approaches." The event was co-organized by Belgium, Fiji and Portugal.

The ocean is both a vital natural asset and a major source of trade, food security and livelihoods, DG Okonjo-Iweala said, noting that the ocean economy is valued at US$ 2.6 trillion and supports around 133 million jobs, while more than 80% of globally traded goods travel by sea. When it comes to the ocean economy, "there is no trade-off. . If we are to be prosperous, we must be sustainable," the Director-General said, warning that the decline in marine biodiversity threatens the trade, food security and livelihoods that depend on it.

The Director-General pointed out that, despite current geopolitical turbulence, 72 per cent of world goods trade still takes place on WTO most-favoured-nation terms. She stressed that the multilateral trading system has delivered for sustainable ocean development, notably through the WTO Agreement on Fisheries Subsidies. The Agreement, which entered into force in September 2025, is the first WTO agreement with environmental sustainability at its core. It prohibits subsidies to illegal, unreported and unregulated fishing, fishing of overfished stocks, and fishing on the unregulated high seas.

She urged members to complete the remaining negotiations on fisheries subsidies, known as "Fish 2", which would further enhance the disciplines of the Agreement, she said.

DG Okonjo-Iweala also pointed to the importance of helping island and coastal economies move up the value chain in the ocean economy by improving access to technology, skills, infrastructure and finance needed to process products, obtain certification and reach markets.

"Trade already offers tools" for the development of the ocean economy, she said. These include the WTO Trade Facilitation Agreement, which supports rapid cross-border trade of perishable goods; the WTO Dialogue on Plastics Pollution, which is looking into issues such as single-use plastics and access to waste-management technologies; discussions on environmental sustainability and access to goods and services needed for the green transition; and development initiatives such as the Enhanced Integrated Framework and the Standards and Trade Development Facility.

The Director-General highlighted the importance of partnerships for the sustainable development of the ocean economy, such as the Geneva Nexus, an informal knowledge-sharing group established by the Permanent Mission of Portugal and a number of other Missions to the United Nations in Geneva in June 2026. This initiative is focused on addressing issues of ocean governance, trade, biodiversity, health and food security. The organizers have organized sessions with a number of international organizations, namely the World Health Organization (WHO), the Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP), the WTO, United Nations Trade and Development (UNCTAD), the World Intellectual Property Organization (WIPO) the International Union for Conservation of Nature (IUCN) and the World Wide Fund for Nature (WWF).

Looking ahead, DG Okonjo-Iweala called on partners to step up efforts and strengthen cooperation, bringing together the various resources available in Geneva and translating connections into action. "We have the instruments. We need to do more. Let's work together and deliver," she concluded.

The DG's speech was followed by a panel discussion with experts from partner organizations of the Geneva Nexus, moderated by Yuvan Beejadhur, Senior Advisor to the Director-General of the WTO.