Philippines welcomes effectivity of WTO fisheries deal

The Department of Trade and Industry (DTI) welcomed the effectivity of a World Trade Organization (WTO) agreement that prohibits subsidies contributing to illegal fishing as such will help protect marine resources and support food security efforts.

“For the Philippines, a country where fisheries are central to livelihood and food security, the entry into force of the agreement strengthens global efforts to protect marine resources and promote fair competition for small-scale and artisanal fishers,” the DTI said.

The Fisheries Subsidies Agreement officially entered into force on Sept. 15, following the completion of the instrument of acceptance deposited by 112 WTO Members.

It is the first multilateral trade agreement focused on environmental sustainability as it prohibits subsidies that contribute to illegal, unreported and unregulated fishing.

The deal also bans subsidies that support fishing of overfished stocks and activities on unregulated high seas.

According to the WTO, governments are providing an estimated $22 billion worth of harmful subsidies annually that threaten the sustainability of marine resources.

As part of the agreement, a Fisheries Funding Mechanism will be put in place to offer technical assistance and capacity building to developing and least developed countries for the effective implementation of the deal.

To date, WTO members have pledged more than $18 million to the WTO Fish Fund.

“Accessing the fund would help the Philippines determine its capacity-building requirements through a needs-assessment analysis to identify and address resource gaps, ensuring that our reforms contribute to both the sustainable use of marine resources and the country’s long-term food security and competitiveness in global seafood markets,” the DTI said.

The DTI also said the country is committed to promoting ocean sustainability and ensuring that fisheries subsidies support long-term economic growth and environmental resilience.

Initially adopted at the WTO’s 12th Ministerial Conference in June 2022, the fisheries agreement required two-thirds of WTO members to formally accept the protocol.

In February last year, the Philippines became the 70th member to deposit its instrument of acceptance.

Source: Phil Star