Trade and Industry Secretary Alfredo E. Pascual said the Philippines is working on the ratification of the Fisheries Subsidies Agreement, which sets the rules to curb harmful subsidies in fisheries and prevent depletion of world’s fish stocks.
Pascual conveyed this message during the Asia Pacific Economic Cooperation Ministers Responsible for Trade (APEC MRT) meeting eld from 25 to 26 May 2023 at Detroit, Michigan. The meeting was chaired by US Trade Representative (USTR) Ambassador Katherine Tai.
Citing the benefits of the World Trade Organization (WTO) agreement, Pascual said “The new rules will make a major contribution for ocean sustainability by prohibiting harmful fisheries subsidies. This will help prevent in the depletion of fish stocks, and in the process benefit our small-scale fishers.”
Given the importance of the agreement, Pascual conveyed that the “Philippines is now working on its timely ratification.”
In the lead-up to the 13th Ministerial conference to be held in Abu Dhabi in February 2024,
Pascual also underscored the need to have an outcome on agriculture to stress the WTO’s role in charting a path to long-term food security and development.
After more than two decades of negotiations, WTO members adopted the Agreement on Fisheries Subsidies at the 12th Ministerial Conference on June 17, 2022. So far, only seven WTO members have deposited their instrument of acceptance to the agreement.
For the agreement to enter into force, two-thirds of WTO members must formally accept the Protocol of the Agreement on Fisheries Subsidies by depositing an “instrument of acceptance” with the WTO.
The Agreement on Fisheries Subsidies sets new binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world's fish stocks. Acceptances from two-thirds of WTO members are needed for the Agreement to come into effect.
The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas. Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to making recommendations by MC13, to be held in February 2024, for additional provisions that would further enhance the disciplines of the Agreement.
In the same APEC MRT meeting, Pascual also conveyed that the Philippines has stepped up efforts on the implementation of its Greening the Manufacturing Industry Roadmap, with measures being undertaken to support investments in renewable energy sources, promote sustainable agriculture, and create green jobs.”
At the meeting where he was joined by his APEC counterparts, the Trade Secretary emphasized, “We envision to increase the share of renewable energy in the power generation mix to 35% by 2030 and 50% by 2040.” The meeting was conducted under the theme, "Creating a Resilient and Sustainable Future for All", which also reflects the 2023 agenda of APEC.
Pascual also reiterated that international trade is a strong force that can accelerate the achievement of sustainability goals and promote inclusiveness. In particular, he said digital trade has immense potential to promote inclusive growth and development, as it is “a good equalizer” in business.
Likewise, he mentioned that DTI is helping implement various initiatives in support of the micro, small, and medium enterprises (MSMEs), enabling them to level up their business operations through the Department's 1,400 Negosyo or Business Centers in various areas of the country. These “Negosyo Centers” also assist MSMEs in digitalization that will enable them to reach wider markets and earn bigger profit, which will also assist in MSMEs’ digital transition.
In line with this, Pascual called on his counterparts to make the WTO more effective and responsive to the challenges of the modern times. He also underscored the need for modern rules to keep pace with the digital economy and technological developments yet while being consistent with the country’s sustainability and inclusive trade agenda.