Over Fishing under Attack in WTO Monaco Meet

Deputy Director-General DJ Nordquist called for urgent action by WTO members to complete the acceptance and implementation of the Agreement on Fisheries Subsidies and to advance negotiations on additional disciplines targeting overcapacity and overfishing. She delivered her remarks on 27 May at the Monaco Blue Initiative in Monaco. DDG Nordquist stressed that harmful fisheries subsidies continue to undermine ocean sustainability, economic resilience, and coastal livelihoods, while emphasizing that sustainable fisheries are essential for jobs, food security, and long-term prosperity. Her full remarks are below.

Key Highlights from DDG DJ Nordquist’s Address

· DJ Nordquist urged WTO members to urgently complete acceptance and implementation of the World Trade Organization Agreement on Fisheries Subsidies.

· Speaking at the Monaco Blue Initiative in Monaco on 27 May, she emphasized that harmful fisheries subsidies threaten:

o Ocean sustainability

o Economic resilience

o Coastal livelihoods

o Global fish stocks

· She highlighted that oceans:

o Cover 71% of Earth’s surface

o Contribute up to USD 3 trillion annually to the global economy.

Concerns Raised

· Global fisheries face mounting pressure from:

o Overfishing

o Illegal, unreported and unregulated (IUU) fishing

o Environmental degradation

o Competition for marine resources

· Hundreds of millions depend on fisheries and aquaculture for:

o Food security

o Employment

o Livelihoods

Fisheries Subsidies Agreement Progress

· The WTO Fisheries Subsidies Agreement, concluded three years ago, is the first multilateral trade agreement focused on sustainability.

· The agreement prohibits subsidies linked to:

o Illegal fishing

o Fishing overfished stocks

o Unregulated high seas fishing

· So far:

o 120 of 166 WTO members have accepted the agreement.

o 46 members are yet to ratify it.

· Nordquist called for universal acceptance, stressing that:

o “Fish do not recognize borders.”

o Harmful subsidies in one region affect ecosystems globally.

Implementation and Support Measures

· The WTO Fisheries Subsidies Committee has become operational to strengthen:

o Transparency

o Accountability

o International cooperation

· The WTO Fish Fund, backed by 18 WTO members, is supporting developing and least-developed countries.

· Key developments:

o 26 grants approved so far

o Second funding round underway

o Ghana launched a three-year fisheries programme with support from the fund to combat illegal fishing.

“Fish 2” Negotiations Critical

· WTO members must complete the second phase of negotiations (“Fish 2”) by September 2029.

· The next phase targets subsidies contributing to:

o Overcapacity

o Overfishing

· Nordquist warned:

o Failure to finalize Fish 2 could jeopardize the first agreement itself.

Economic Importance of Sustainable Fisheries

· Harmful fisheries subsidies are estimated at:

o USD 22 billion annually.

· Overfishing reportedly costs the global economy:

o Nearly 700,000 jobs every year.

· Sustainable fisheries, by contrast, support:

o Jobs

o Trade

o Food security

o Economic resilience

Call for Global Cooperation

· Nordquist praised Prince Albert II for leadership on ocean conservation.

· She called for stronger cooperation among:

o Governments

o Scientists

o Businesses

o Civil society

· She also recommended viewing Ocean by David Attenborough, describing it as a powerful reminder of ocean destruction and recovery potential.

Overall Message

· WTO leadership stressed that protecting oceans is:

o Not only an environmental necessity

o But also an economic and human imperative.

· The Monaco Blue Initiative was presented as evidence that:

o Political will

o Scientific cooperation

o Multilateral action
can together deliver sustainable ocean governance.

[ABS News Service/28.05.2026]

Your Serene Highnesses, Prince Albert of Monaco, Princess Charlene, distinguished ministers, and colleagues - thank you for the honor of joining you today at the Monaco Blue Initiative. Allow me first to convey the sincere greetings of Dr. Ngozi Okonjo-Iweala, Director-General of the WTO.

I would especially like to thank His Serene Highness for his unwavering leadership and decades-long commitment to advancing ocean conservation, sustainable finance, and international cooperation. 

The Monaco Blue Initiative has played a vital role in bringing together governments, scientists, business leaders, and civil society around one simple but urgent imperative: the health of our ocean, which covers 71% of Earth's surface and contributes up to $3 trillion to the global economy annually, cannot wait.

And the sad reality is that time is not on our side.

We are at a critical moment for global fisheries governance and for the future of the ocean economy. Globally, fish stocks are under increasing pressure from overfishing, illegal, unreported and unregulated fishing (IUU), environmental impacts, and growing competition for marine resources. At the same time, hundreds of millions of people depend on fisheries and aquaculture for food security, jobs, and livelihoods.

That is why the work underway at the WTO on these issues matters far beyond Geneva.

Three years ago, WTO members achieved a historic breakthrough with the Agreement on Fisheries Subsidies - the first multilateral trade agreement with sustainability at its core. The Agreement prohibits harmful subsidies linked to IUU fishing, as well as subsidies for fishing overfished stocks and fishing on the unregulated high seas.

The Agreement has thus far been accepted by 120 WTO members - a strong signal of international commitment. But we are aiming for universal acceptance by all 166 WTO members because fish certainly don't recognize borders, and harmful subsidies in one part of the world may affect ecosystems and communities elsewhere. I therefore encourage all those in this room - governments, institutions, foundations, and partners - to help us get the remaining 46 WTO members to deposit their instruments of acceptance as soon as possible.

WTO members are already making real progress in its effective implementation. The WTO Fisheries Subsidies Committee is now up and running, creating an important platform for transparency, accountability, and cooperation. This may sound technical, but it is essential. Effective global governance depends not only on reaching agreements, but on ensuring they are implemented and work in practice.

Importantly, we are also supporting developing countries in this transition.

Thanks to the generous support of 18 WTO members, the WTO Fish Fund is already helping developing and least-developed countries implement the Agreement. So far, 26 grants have been approved and a second round of applications are now underway. One example is Ghana, which launched a new three-year fisheries programme, supported in part by the Fish Fund, to strengthen oversight of fishing subsidies and to tackle illegal fishing.

So. I encourage those in a position to do so to contribute to the Fund if you haven't already. And if you come from an eligible government, please closely follow upcoming funding opportunities and submit applications. 

But our work on the fish treaty is not finished - and the clock is ticking.

Under the Agreement on Fisheries Subsidies, WTO members committed to continue negotiations on a few issues that could not be resolved during the first phase of negotiations. The Agreement contains a smart commitment mechanism: negotiators have to finish what we call Fish 2 four years after Fish 1 entry into force, that is by September 2029. WTO members must now deliver on this second phase of negotiations, which will in large part address subsidies that contribute to overcapacity and overfishing. And here's the thing - if the second part of the treaty isn't finalized, the first part may disappear.  So there is pressure to keep working.

At our last Ministerial Conference, WTO members reaffirmed their commitment to this objective. Work continues actively in Geneva, and negotiations will resume in the coming months. In the meantime, we are organizing a series of information sessions and technical discussions to help ensure all WTO members are on the same page as we move into this next phase.

The stakes could not be higher. As you well know, every year of delay means harmful subsidies further distort markets, deplete resources, and undermine the communities they are meant to support, which makes it harder and more costly to restore healthy fisheries. Imagine if these funds (22 billion annually, as Prince Albert has mentioned) were instead invested in more productive and sustainable priorities - how much stronger would our future be?

But what gives me hope is the growing recognition that healthy oceans are not in tension with economic prosperity - they are foundational to it. According to research, overfishing costs the global economy almost 700,000 jobs annually. By contrast, sustainable fisheries support jobs, food security, trade, and resilience. Protecting the ocean is not only an environmental imperative; it is an economic and human one.

Now I'm going to give a plug to the David Attenborough's film called Ocean. But a picture is worth a thousand words. Seeing the trawlers destroy the ocean floor is simply jaw-dropping. The film is a powerful call to action, and it offers striking real-world evidence that marine life can recover with remarkable speed when given the chance. I strongly encourage you to watch it.

The Monaco Blue Initiative shows that solutions are possible when political will, science, and international cooperation come together. The momentum is there, the institutions are in place, and the tools are emerging - so let's deliver!