Advertisementspot_img
Wednesday, April 24, 2024

Delivering Stories of Progress

Advertisementspot_img

Phl ratifies WTO Subsidies Agreement to safeguard global depleting fish stocks

Latest article

Advertisement - PS02barkero developers premium website

THEPHILBIZNEWS Partner Hotels

Hotel Okura Manila
Hotel 101
The Manor at Camp John Hay
Novotel Manila
Taal Vista Hotel
Advertisement - PS02barkero developers premium website

In time for the 13th WTO Ministerial Conference (MC13) in Abu Dhabi, United Arab Emirates, the Philippines has deposited its instrument of acceptance of the WTO Agreement on Fisheries Subsidies (FSA) on February 27, 2024. The Agreement is crucial to curbing harmful subsidies and safeguarding the world’s depleting fish stocks.

Department of Trade and Industry (DTI) Secretary Fred Pascual and Department of Agriculture (DA) 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 FSA prohibits subsidies that contribute to illegal, unreported, and unregulated (IUU) 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 (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 DTI Secretary Pascual, “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.”

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 (i.e., 110) have ratified it.

Advertisement - PS04spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisement - PS05spot_img
Advertisement - PS01spot_img

Must read

Advertisement - PS03spot_img