Oceans Economy and Trade Strategies Project

Assisting Barbados, Belize and Costa Rica to build competitive and sustainably managed ocean-based value chains within ocean affairs and the law of the sea frameworks

About OETS

With oceans based economic sectors predicted to grow dramatically this decade, developments in technology and limits on land-based activities are transforming the oceans into promising new economic frontiers.

The ocean economy offers significant untapped opportunities in support of sustainable development, including the implementation of the Unite Nations Sustainable Development Goals (SDGs), and particularly SDG 14 - to conserve and sustainably use the oceans, seas and marine resources.

This potential is of particular relevance to developing States and Small Island Developing States (SIDS), which face numerous additional challenges when endeavoring to develop sustainable ocean economies. It is also increasingly clear that effective ocean governance frameworks must underpin sustainable ocean economies, and thus building ocean affairs and the law of the sea understanding and capacity remains a central priority for States.

Objectives

The project will support developing countries, especially SIDS, in realizing economic benefits from the sustainable use of the ocean; promoting sustainable trade in ocean-based economic sectors; and enhancing national implementation of ocean affairs and the law of the sea governance frameworks, including through:

1. Improved capacity of beneficiary governments and relevant stakeholders to assess and identify:

  • competitive products and/or services in ocean-based economic sectors, and
  • ocean governance institutional and legal frameworks

2. Strengthened capacities to define policy options and implement priority actions to support the development of ocean-based sectors and/or services and ocean affairs and the law of the sea governance frameworks

3. Increase understanding at the national and regional levels on how to design and implement OETS to promote sustainable management and trade of products and/or services in ocean-based sectors within effective ocean governance frameworks