WTO fisheries pact joined
‘This is vital to the Philippines, being a climatevulnerable country, especially since small-scale and artisanal fisherfolks are heavily impacted by strong typhoons and the increasing sea temperatures exacerbated by climate change’
The country has acceded to a two-year phase-out of subsidies provided to the fisheries in line with a World Trade Organization agreement.
WTO aims to curb the harmful effects of overfishing through the removal of the subsidies.
The Department of Trade and Industry and the Department of Agriculture, on Tuesday, deposited its instrument of acceptance of the WTO Agreement on Fisheries Subsidies, at the sidelines of the 13th WTO Ministerial Conference in Abu Dhabi, United Arab Emirates.
70th member to accede
Trade Secretary Fred Pascual and Agriculture Secretary Francisco P. Tiu Laurel Jr. presented the country’s Instrument of Ratification to
WTO Director-General Ngozi Okonjo-Iweala, making it the 70th Member to accede to the FSA.
The agreement prohibits subsidies that contribute to illegal, unreported, and unregulated fishing, subsidies concerning overfished stocks, and subsidies for fishing in the unregulated high seas.
At the same time, the FSA provides flexibility to developing and least-developed countries to provide subsidies up to and within the exclusive economic zone for two years from the date of entry into force of the Agreement.
The FSA also benefits the country’s small-scale and artisanal fisherfolks, who fish within their respective municipal waters.
“The agreement allows members to grant subsidies for disaster relief under certain conditions to support fisherfolks impacted by natural disaster,” Pascual said.
“This is vital to the Philippines, being a climate-vulnerable country, especially since smallscale and artisanal fisherfolks are heavily impacted by strong typhoons and the increasing sea temperatures exacerbated by climate change,” he added.
Moreover, the Philippines can avail of technical assistance from the WTO Fisheries Funding Mechanism to assist in implementing the disciplines and obligations of the Agreement.
The agreement was adopted at the 12th WTO Ministerial Conference (MC12) in June 2022 and will enter into force once two-thirds of the WTO Membership have ratified it.