With millions employed worldwide in fishing and fish farming, most in developing countries, healthy and resilient marine and coastal ecosystems are fundamental to sustainable development.
Other sectors that are critical to the resilience of developing countries include the coastal tourism sector, which contributes up to 40 per cent or more of the global gross domestic product (GDP) in some SIDS, and the marine fisheries sector, which provides nearly 20 per cent of the average intake of animal protein consumed by 3.2 billion people, and more than 50 per cent of the average intake in some least developed countries.
Ngozi Okonjo-Iweala, World Trade Organization (WTO) Director-General, added that without multilateralism, no one can solve the problem of the Ocean.
"SIDS have the potential to be large ocean economies (…) if we do so sustainably, we can unlock development prospects", she added, emphasizing the blue economy path.