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Manila Bulletin devider Business devider Trade & Industry devider Philippines ratifies WTO's fisheries subsidies agreement

Philippines ratifies WTO's fisheries subsidies agreement

Published Feb 28, 2024 04:00 am

In a bid to protect the country’s lush marine resources and develop the fisheries industry, the Philippine delegation to the World Trade Organization (WTO) has ratified the Fisheries Subsidies Agreement (FSA) on Feb. 27.

Department of Trade and Industry (DTI) Secretary Alfredo E. Pascual and Department of Agriculture (DA) Secretary Francisco P. Tiu Laurel Jr. submitted the Philippines’ Instrument of Ratification to WTO Director-General Ngozi Okonjo-Iweala during the 13th WTO Ministerial Conference (MC13) in Abu Dhabi, United Arab Emirates.

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From L to R: Department of Trade and Industry (DTI) Secretary Fred Pascual, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala, and Department of Agriculture (DA) Secretary Francisco P. Tiu Laurel, Jr.

In terms of protection through the FSA, subsidies that will contribute to illegal, unreported, and unregulated (IUU) fishing are prohibited. Subsidies that are related to overfished stocks and unregulated high seas fishing are also banned.

For development of small-scale fisherfolks, the FSA allows more flexible subsidy options to developing and least-developed nations, with subsidy provisions of up to and within the exclusive economic zone (EEZ) for two years from the date the agreement entered into force. 

Pascual noted that the agreement also “allows members to grant subsidies for disaster relief under certain conditions to support fisherfolks impacted by natural disasters.”

“This is vital to the Philippines, being a climate-vulnerable country, especially since small-scale and artisanal fisherfolks are heavily impacted by strong typhoons and the increasing sea temperatures exacerbated by climate change,” explained Pascual.

Technical assistance from the WTO Fisheries Funding Mechanism can also be obtained by the country as a party to the agreement. 

Okonjo-Iweala expressed her delight in the Philippines' formal acceptance of the FSA.

"This action demonstrates a strong endorsement of the WTO by the Philippines, as well as its dedication to preserving our oceans for the people who rely on them for livelihood and food security, and for fostering global cooperation in our shared aspiration for sustainability," she said.

Meanwhile, Laurel said that the FSA will usher stronger cooperation and collaboration between nations.

"We dedicate this milestone to the Filipino people, the country's fisheries and aquatic resources, and most importantly the communities that stand to benefit from the WTO Agreement," he added.  

Adopted at the 12th WTO Ministerial Conference (MC12) in June 2022, the FSA will enter into force upon ratification of 110 or two-thirds of the WTO Membership.

The Philippines is the 70th WTO member to ratify the FSA.


 

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