“The progress achieved by the Steering Committee in the short period since January is impressive. It is a testament to your dedication to fulfilling the promise of providing concrete support by the time of the Agreement's entry into force to those members committed to its implementation,” Deputy Director-General Angela Ellard said at the meeting.

“Formulating the Rules of Procedure, developing an Impact Statement, defining categories of funding, and establishing an application process, in just a few months, required a lot of focused effort, dedication and constructive consultations,” she said.  “This robust start clearly shows that governments are invested in a sustainable future for our oceans.”

The Steering Committee also endorsed the Fish Fund Secretariat's work for the rest of the year, including drafting a strategy for the Fund, preparing for the initial “Call for Proposals” when the Agreement enters into force, and drafting a communications, outreach and engagement plan.

The Steering Committee, the governing body of the Fish Fund, includes eight WTO members that donated to the Fund and eight developing and least-developed country members that have deposited their instruments of ratification and will benefit from the Fund. Representatives from the WTO Secretariat, the UN Food and Agriculture Organization (FAO), the World Bank Group and the International Fund for Agricultural Development (IFAD), the Fund's core partners, are also part of the Steering Committee. The Steering Committee is charged with evaluating applications for assistance and other issues related to the Fund's operation, with the support of the Fund Secretariat. Developing members and LDCs that have ratified the Agreement will be eligible to receive assistance once the Agreement enters into force.

Sixteen donors  have contributed to the Fund more than CHF 12 million collectively to date, with an additional CHF 2 million pledged. The members that have donated or pledged to the Fund thus far are Australia, Canada, the European Union, Finland, France, Germany, Iceland, Japan, the Republic of Korea, Liechtenstein, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, the United Arab Emirates, and the United Kingdom.

Because the new Agreement on Fisheries Subsidies will involve adjustments and enhancements to WTO members' legislative and administrative frameworks, their transparency and notification obligations, and their fisheries management policies and practices, Article 7 of the Agreement provides for the creation of a voluntary funding mechanism to provide targeted technical assistance and capacity building to help developing and least developed country members with implementation. More information on the Fund is available here.