How does multilateral trade support a sustainable ocean economy?

Trade's role in the ocean economy

The World Trade Organisation's Director-General, Ngozi Okonjo-Iweala, affirmed the multilateral trading system's capacity to foster a healthy and prosperous ocean economy.

Speaking at a WTO event on 5 November 2026, co-organised by Belgium, Fiji, and Portugal, Ms Okonjo-Iweala highlighted the ocean's dual role as a vital natural resource and a significant driver of trade, food security, and livelihoods. The global ocean economy is valued at US$2.6 trillion and provides employment for approximately 133 million people.

Furthermore, over 80 per cent of goods traded globally are transported by sea. The Director-General stressed that sustainability is not a compromise but a prerequisite for prosperity within this sector, cautioning that declining marine biodiversity poses a direct threat to the trade, food security, and livelihoods dependent on it.

Fisheries subsidies agreement in force

Ms Okonjo-Iweala pointed to the WTO Agreement on Fisheries Subsidies as a key mechanism for sustainable ocean development. This agreement, which became effective in September 2025, represents the first WTO accord primarily focused on environmental sustainability.

It specifically forbids government support for illegal, unreported, and unregulated (IUU) fishing activities, fishing of overfished stocks, and operations in unregulated areas of the high seas. Despite ongoing geopolitical complexities, 72 per cent of global goods trade continues under WTO most-favoured-nation terms, demonstrating the multilateral system's enduring framework.

The Director-General urged member states to conclude the outstanding negotiations on fisheries subsidies, known as "Fish 2," to further strengthen the agreement's disciplines.

Tools for developing coastal economies

Beyond the fisheries agreement, the WTO provides additional instruments to support the ocean economy, particularly for island and coastal nations.

These include the WTO Trade Facilitation Agreement, which assists in the swift cross-border movement of perishable goods, and the WTO Dialogue on Plastics Pollution, which addresses issues such as single-use plastics and access to waste management technologies.

Discussions also encompass environmental sustainability and ensuring access to goods and services vital for the green transition. Development initiatives, such as the Enhanced Integrated Framework and the Standards and Trade Development Facility, further contribute to this effort.

Ms Okonjo-Iweala also noted the importance of partnerships, citing the Geneva Nexus, an informal knowledge-sharing group established in June 2026, which addresses ocean governance, trade, biodiversity, health, and food security.

Implications for Asia's ocean-dependent economies

For Asian decision-makers, the WTO's emphasis on sustainable ocean development and support for coastal and island economies holds direct relevance. Many Asian nations, including island states and those with extensive coastlines, rely heavily on maritime trade and marine resources for economic growth and food security.

The call to help these economies advance their position in the ocean economy value chain, through improved access to technology, skills, infrastructure, and finance for product processing, certification, and market reach, presents a clear directive. The ongoing "Fish 2" negotiations, if concluded, could introduce stricter regulations that impact regional fishing industries.

Asian governments and businesses should monitor these negotiations and assess how enhanced trade disciplines and multilateral initiatives will shape investment and operational strategies in their maritime sectors over the coming years.