The Philippines has ratified the Agreement on Fisheries Subsidies (FSA) of the World Trade Organization (WTO), according to the Department of Trade and Industry (DTI).
Trade Secretary Fred Pascual submitted the country’s instrument of ratification to WTO Director-General Ngozi Okonjo-Iweala on February 27.
The FSA allows member countries to provide subsidies for disaster relief to support fisherfolks affected by natural disasters.
This is crucial for the Philippines, a climate-vulnerable nation, as small-scale and artisanal fisherfolks are heavily impacted by strong typhoons and rising sea temperatures caused by climate change.
The FSA, adopted in 2022, aims to promote marine protection by prohibiting subsidies that enable illegal and unregulated fishing. The WTO hailed the agreement as a significant step toward ocean sustainability and the preservation of global fish stocks.
Source: PhilNews24 | February 29, 2024
