Despite the transaction hike, persistent barriers stress the need to revitalize the system of trade preferences for South-South linkages, the UN Trade and Development (UNCTAD) referred.

By the agency’s estimates, global trade in fishery and aquaculture products reached US$186 billion in 2022, or a 63 percent upsurge from US$114 billion in 2012.

However, the entity recalled that the branch faces challenges, such as overfishing, climate change and trade barriers, with non-tariff measures (NTMs) affecting 93 percent of fishery product imports.

The Global System of Trade Preferences among Developing Countries (GSTP) offers some relief by setting lower tariffs among members of the agreement, but the prevalence of NTMs remains an obstacle, the study warns.

With 42 members in Africa, Asia and Latin America, the GSTP covers four billion people, providing, in UNCTAD’s view, vast potential and diverse markets.

UN Trade and Development, the study concludes, calls for revitalizing the GSTP to unlock its potential for South-South trade in multiple sectors, which could boost trade flows, improve food security and promote sustainable economic development.

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