There is also a need to examine the policies of the World Bank and other international financial institutions as they apply to the fisheries sector. Though they have made some important policy changes in the last few years, historically, they have been concerned almost exclusively with strengthening economies, and have given inadequate thought to sustainability in fisheries, agriculture, forestry and other industries that exploit natural resources. The time, I believe, is ripe for the FAO and the World Bank to re-energize their discussions toward identifying sustainable fisheries projects that the Bank could fund on FAO's recommendation. To that end, we must adopt the precautionary approach to fisheries management, as spelled out in the UN Fish Stocks Agreement. Second, we must zealously protect resources that are essential to fish reproduction and growth, such as wetlands, coral reefs and other aquatic ecosystems.
Coral reefs are among the most productive ecosystems on earth.
We hope this program will set an example that other coastal countries might follow. And third, we must reduce the by-catch of marine life unintentionally caught and killed along with target fish. It doesn't require a Ph.D. in fisheries biology to understand how a 20-mile long line with 3,000 baited hooks might snag a lot more marine life than the species the fisherman is looking for. In fact, I suggest we collectively resolve here and now to put and end to this insidious practice. For as long it continues, responsible fishing nations have good reason to wonder why they should bother being thoughtful stewards of the oceans.