February 29, 2024

Philippines expects WTO to address fishing and agriculture for sustainability

The Philippines anticipates that ministers at the World Trade Organisation (WTO) will negotiate agreements focused on the fishing and agriculture sectors, aiming to enhance sustainability and food security, according to a government official, The National reported.

Alfredo Pascual, the Philippine Trade and Industry Secretary, highlighted the significance of potential deals in these crucial sectors, which play vital roles in the country's economy and workforce. He said that such agreements would greatly benefit one of Southeast Asia's burgeoning economies.

At the WTO's Ministerial Conference in Abu Dhabi this week, the expected formal acceptance of Comoros and Timor Leste as new WTO members would signal progress in negotiations, particularly in fisheries subsidies.

The WTO's 2022 fisheries agreement targeted subsidies contributing to illegal fishing, with ongoing negotiations focusing on curbing subsidies driving overcapacity and overfishing. Additionally, agriculture negotiations will cover various aspects, including domestic support, market access, and export competition.

In the Philippines, fishing and agriculture are cornerstone industries, employing millions of people, especially in rural areas. The fisheries sector contributes significantly to GDP and employment, while the agriculture industry saw notable growth in 2023, doubling its previous year's performance.

Despite economic challenges, including those posed by the COVID-19 pandemic, the Philippine economy has shown resilience, with robust growth rates in recent years.

Pascual expressed optimism that the WTO conference would mark a significant advancement in these vital areas, reflecting a shared commitment to fostering a more equitable and sustainable global trade environment.

-      The National