Malawi’s Economic Growth Takes Center Stage: Embracing WTO Opportunities
Key Business Points
- Sustainability is key: Malawi’s commitment to the Agreement on Fisheries Subsidies demonstrates its dedication to protecting the environment and conserving global fish stocks.
- Investing in the future: By joining the agreement, Malawi aims to support more sustainable use of oceans and fisheries for current and future generations.
- Global markets matter: As a member of the WTO, Malawi is part of a global trading system that regulates and facilitates international trade, providing opportunities for local businesses to expand their reach.
Malawi’s Ambassador to the World Trade Organisation (WTO) Caroline Bwanali-Mussa has reaffirmed the country’s commitment to the multilateral trading system. This commitment is evident in Malawi’s acceptance of the Agreement on Fisheries Subsidies, which aims to curb harmful fisheries subsidies and protect the environment. As a non-coastal country, Malawi’s participation in the agreement highlights its recognition of the importance of sustainable fishing practices for global food security and socio-economic resilience.
The agreement prohibits subsidies for illegal, unreported, and unregulated fishing, as well as fishing overfished stocks and the high seas. By joining the agreement, Malawi brings the total number of WTO members to 100, with 11 more needed to add the agreement to the WTO rulebook. This milestone marks a significant step towards achieving a multilateral deal that will support more sustainable use of our oceans and fisheries.
The WTO’s 12th Ministerial Conference (MC12) in June 2022 adopted the Agreement on Fisheries Subsidies, setting new binding multilateral rules to curb harmful fisheries subsidies. The agreement also recognizes the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity building. This support will help Malawi and other developing countries implement the new obligations and transition to more sustainable fishing practices.
As a member of the WTO since 1995, Malawi is part of a global trading system that regulates and facilitates international trade. The organization provides a framework for negotiating trade agreements, settling trade disputes, and monitoring national trade policies. For Malawian businesses, being part of the WTO means accessing new markets, investing in sustainable practices, and contributing to the country’s economic growth. By embracing sustainability and participating in international trade agreements, Malawi can position itself for success in the global economy and create opportunities for local entrepreneurs to thrive.
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