The World Trade Organization building in Geneva, Switzerland. (Photo from the WTO website)
MANILA, Philippines — The Philippines has ratified the Agreement on Fisheries Subsidies (FSA) of the World Trade Organization (WTO), the Department of Trade and Industry said on Wednesday.
According to the DTI, Trade Secretary Fred Pascual submitted the Philippines’ instrument of ratification to WTO Director-General Ngozi Okonjo-Iweala on Feb. 27.
“The Agreement allows Members to grant subsidies for disaster relief under certain conditions to support fisherfolks impacted by natural disasters,” Pascual said.
“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.”
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The FSA, which was adopted in 2022, aims to promote marine well-being by prohibiting subsidies that allow illegal and unregulated fishing.
“The WTO Agreement on Fisheries Subsidies, adopted at the 12th Ministerial Conference (MC12) on 17 June 2022, marks a major step forward for ocean sustainability by prohibiting harmful fisheries subsidies, which are a key factor in the widespread depletion of the world’s fish stocks,” the WTO said.
Pascual is leading the Philippines delegation in the 13th Ministerial Conference of the WTO in the United Arab Emirates, which will run from Feb. 26 to 29.