Geneva:The ocean economy has reached a valuation of $2.6 trillion and supports approximately 133 million jobs globally, according to Director-General Ngozi Okonjo-Iweala. She highlighted these figures during her keynote speech at the World Trade Organization (WTO) event titled "Trade, Biodiversity and the Ocean Economy Pathways to Resilience."
According to Emirates News Agency, the event, co-organized by Belgium, Fiji, and Portugal, emphasized the vital role of the multilateral trading system in developing a robust ocean economy. Okonjo-Iweala stressed the importance of trade in managing the oceans as a global asset, advocating for multilateral approaches to sustain the ocean economy, which is critical for trade, food security, and livelihoods.
The Director-General cautioned that the decline in marine biodiversity poses a threat to trade and food security. Despite geopolitical challenges, she noted that 72% of global goods trade occurs under WTO most-favoured-nation terms. The WTO Agreement on Fisheries Subsidies, which took effect in September 2025, aims to promote sustainability by prohibiting subsidies that contribute to illegal and unregulated fishing.
Okonjo-Iweala called for completing the ongoing negotiations on fisheries subsidies, referred to as "Fish 2," to further strengthen the agreement. She also emphasized the need to help island and coastal economies improve their position in the ocean economy value chain through better access to technology, skills, infrastructure, and finance.
Looking forward, the Director-General urged partners to enhance cooperation and effectively utilize resources available in Geneva to translate these connections into actionable outcomes, underscoring the need for collective efforts to achieve sustainable ocean development.