SUBSCRIBE TO OUR FREE NEWSLETTER
PUBLISHED |

Trade assistance to increase for developing countries

Trade assistance to increase for developing countries article image

Australia will boost its trade assistance to developing countries through the World Trade Organisation (WTO), lifting financial commitment from $1 million to $2.5 million. Minister for Trade Simon Crean and Parliamentary Secretary for International Development Assistance Bob McMullan announced the new funding yesterday. Of the amount, $1.75 million will go to the WTO Doha Development Agenda Global Trust Fund, which provides practical assistance to some of the world’s least developed countries and which will enable them to participate in the WTO Doha Round of multilateral trade negotiations. "The provision of this funding will help developing countries become active participants in, and reap the full benefits from, the multilateral trading system and the global economy," said McMullan. Another $750,000 will go towards the WTO Standards and Trade Development Facility, which encourages international trade by assisting developing countries to analyse and implement international standards on food safety and animal and plant health. McMullan added that Australia's contribution "will encourage the WTO to work even more closely with our development partners in Asia and, in particular, the Pacific Islands, which face unique challenges because of their small size and remoteness from global markets".

Tags

Leave A Comment

Spinning icon Saving your comment, please wait...
Spinning icon Saving your comment, please wait...