The Philippines should maximize the opportunities on offer from a deal reached at the 12th Ministerial Conference (MC12) of the World Trade Organization (WTO), particularly in the areas of vaccines and fisheries, analysts said. READ:
Ministerial Conference of the World Trade Organization , particularly in the areas of vaccines and fisheries, analysts said.
During the MC12 held in Geneva, which ended on June 17, the 164 WTO members agreed to limit the patent rights on COVID-19 vaccines by allowing the use of patents “without the consent of the right holder to the extent necessary to address the COVID-19 pandemic,” subject to certain conditions. Trade ministers at MC12 also reached consensus on restricting harmful subsidies that result in illegal, unreported and unregulated fishing.“The fisheries agreement calls for limiting or ending subsidies to fisheries in the unregulated high seas, particularly beyond the economic zones. This would be good for sustaining the stock of fishery resources, in the light of overfishing. The Philippines can flexibility in the treatment of aid to poor and artisanal fisheries,” Mr. Manzano said.
“The focus on food security… as a means to remove barriers to trade is a good start to the WTO’s efforts in dealing with a global trade crisis,” Ms. Francisco-Alcantara said.
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