PH ratifies WTO pact on fisheries subsidies

THE Philippines became the 70th member of the World Trade Organization (WTO) to give its approval to the 2022 Fisheries Subsidies Agreement ( FSA), the Department of Trade and Industry (DTI) said yesterday.

T h e DT I s a i d t h e country, t hrough Trade Secretary Alfredo Pascual and Agriculture Secretary Francisco Tiu Laurel Jr., presented the country’s Instrument of Ratification to WTO Director-General Ngozi Okonjo- Iweala on February 27 in Abu Dhabi, United Arab Emirates during the 13th WTO Ministerial Conference (MC13).

The FSA was adopted during t he 12th WTO Ministerial Conference (MC12) in June 2022.

The pact will enter into force once two-thirds of the WTO’s 164 member-countries have ratified it.

“The agreement allows members to grant subsidies for disaster relief under c e r t a i n c ondi t i ons t o support fisherfolks impacted by natural disasters,” said Pascual.

“This i s vital t o t he P h i l i p p i n e s , b e i n g 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,” added the Trade chief.

The DTI said that the Philippines, under t he FSA, can avail of technical assistance from the WTO Fisheries Funding Mechanism to assist in implementing the disciplines and obligations of the agreement.

The Trade department noted that the accord is a “crucial step” in curbing harmful subsidi es and safeguarding the world’s depleting fish stocks.

The FSA prohibits subsidies that contribute to illegal, unreported, and unregulated ( I UU) f i shing, subsidies concerning overfished stocks, and subsidies for fishing in the unregulated high seas.

At the same time, the FSA provides f l exibility to developing and l eastdeveloped countries t o provide subsidies up to and within the exclusive economic zone (EEZ) for two years from the date of entry into force of the agreement.

This provision benefits the country’s small-scale and artisanal fisherfolks, who fish within their respective municipal waters, according to the DTI. (GMA Integrated