GENEVA, 5th November, 2026 (WAM) -- 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-organised 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% 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.
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.