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 turbulen...