THE Philippines has ratified a World Trade Organization (WTO) agreement on fishing subsidies, joining 69 other countries that have signed up for a global deal aimed at curbing overfishing and promoting ocean sustainability.

The country's "instruments of acceptance" were presented by Trade Secretary Alfredo Pascual and Agriculture Secretary Francisco Tiu Laurel to WTO Director-General Ngozi Okonjo-Iweala during the trade body's ongoing ministerial conference in Abu Dhabi, the United Arab Emirates.

DTI Secretary Fred Pascual during his intervention remarks. Photo from DTI

Under the agreement, subsidies that contribute to illegal, unreported and unregulated fishing are prohibited, as well as incentives related to depleted fish stocks. Subsidies associated with fishing in the unregulated high seas are also prohibited.

Developing and least-developed countries, meanwhile, are allowed to provide subsidies up to and within their exclusive economic zones for two years from the date the agreement takes effect.

"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 released by the Trade department.

The county can also avail of technical assistance from the WTO Fisheries Funding Mechanism to assist in implementing the agreement.

The Fisheries Subsidies Agreement (FSA) was adopted in 2022 but has yet to take effect. WTO rules call for two-thirds of its members to ratify the deal, and 40 more acceptances are needed, the trade body said.

Okono-Iweala, in a separate statement, said the ratification "demonstrates a strong endorsement of the WTO by the Philippines, as well as its dedication to preserving our oceans for the people who rely on them for livelihood and food security, and for fostering global cooperation in our shared aspiration for sustainability."

Tiu Laurel, meanwhile, was quoted by the WTO as saying that the agreement was a "significant milestone in our continuing effort to show our country's commitment to address the global concern over illegal, unreported and unregulated fishing, and the conservation and sustainable use of our oceans."

The FSA is widely expected to be the only breakthrough to be made at the Abu Dhabi meeting although Okonjo-Iweala said that she was "cautiously optimistic" about striking deals on both subsidies and agriculture.

Many eyes are trained on India — which is often described as obstructionist in trade talks — which along with several countries want further concessions, including transition periods that others consider to be too long.

WITH A REPORT FROM AFP