WTO DG advocates trade reforms to unlock $2.6tr ocean economy

Director General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has called for stronger international partnerships, trade cooperation and sustainable policies to unlock the potential of the $2.6 trillion global ocean economy and protect millions of livelihoods dependent on marine resources.

She said the multilateral trading system provides important instruments for developing a healthy and prosperous ocean economy, stressing the need to strengthen support for coastal and island economies through improved access to technology, skills, infrastructure and finance.

Okonjo-Iweala made the call in her keynote address at an event on Trade, Biodiversity and the Ocean Economy: Pathways to Resilience, held at the WTO over the weekend.

According to her, the ocean is both a vital natural asset and a major source of international trade, food security and employment, noting that the ocean economy is valued at approximately $2.6 trillion and supports about 133 million jobs globally.

She added that over 80 per cent of globally traded goods are transported by sea, underscoring the importance of protecting marine ecosystems to the stability of international commerce and economic development.

Despite prevailing geopolitical tensions and disruptions to global commerce, she noted that 72 per cent of world goods trade still takes place under the organisation’s most-favoured-nation (MFN) terms. She said the multilateral trading system had demonstrated its relevance to sustainable ocean development, particularly through the WTO Agreement on Fisheries Subsidies, which entered into force in September 2025.

The agreement, according to her, is the first WTO agreement to place environmental sustainability at its core. It prohibits subsidies for illegal, unreported and unregulated fishing, fishing of overfished stocks, and fishing activities on the unregulated high seas.

However, Okonjo-Iweala urged WTO members to conclude the outstanding negotiations on fisheries subsidies, known as “Fish 2”, saying the additional disciplines would further strengthen the agreement and improve efforts to protect marine resources.