THE Department of Trade and Industry (DTI) said the World Trade Organization’s (WTO) Agreement on Fisheries Subsidies is expected to help fisherfolk by halting support for commercial fishing operations that deplete marine resources.
“For the Philippines… 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 Bureau of International Trade Relations said in a social media post.
“It also underscores the country’s strong commitment to promoting ocean sustainability and ensuring that fisheries subsidies support long-term economic growth and environmental resilience,” it added.
The agreement came into force on Monday after more than two-thirds of WTO members deposited their instruments of acceptance.
Adopted at the 12th Ministerial Conference in June 2022, the agreement prohibits subsidies that contribute to illegal, unreported, and unregulated fishing; to overfishing; and to fishing on the unregulated high seas.
“These disciplines seek to reduce harmful practices that accelerate the depletion of global fish stocks, ensuring long-term viability of fisheries and food security for coastal nations,” according to a DTI briefing document.
An element of the agreement is a Fisheries Funding Mechanism, or the Fish Fund, which will provide technical assistance and capacity-building support to help developing and least-developed countries implement their obligations under the agreement.
Receiving $18 million in pledges so far, the Fish Fund allows members to apply for grants of up to $300,000 for “institutional reforms, data collection, stock assessments, training, and strengthened monitoring, control, and surveillance systems.
The fund will help the country address critical gaps in data collection, monitoring, and enforcement, it said.
“The agreement represents a critical step forward in ensuring sustainable fisheries, protecting biodiversity, and strengthening global trade governance,” the DTI said.
“By aligning domestic reforms with global disciplines and actively shaping the deployment of Fish Fund resources, the Philippines is well-positioned to secure long-term benefits for its marine ecosystems, its coastal communities, and its national economy,” it added. — Justine Irish D. Tabile