Phl ratifies WTO fisheries subsidy pact

The Philippines on Tuesday acceded to the World Trade Organization Agreement on Fisheries Subsidies, or FSA.

At the sidelines of the 13th WTO Ministerial Conference in Abu Dhabi, United Arab Emirates, Trade Secretary Alfredo Pascual and Agriculture Secretary Francisco P. Tiu Laurel, Jr. deposited its instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala.

The depositing of instrument of ratification means that the Philippines accedes to the global aim of curbing harmful subsidies and safeguarding the world’s depleting fish stocks, making it the 70th Member to accede to the FSA.

The agreement prohibits subsidies contributing 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 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,” Pascual said in a statement on Wednesday.

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 in June 2022 and will enter into force once two-thirds of the WTO Membership have ratified it.