The governments of Australia, Denmark, Finland, Germany, Japan and Sweden plan to commit approximately USD 13 million to the Enhanced Integrated Framework (EIF) to help improve the trading capabilities of least-developed countries (LDCs) and to reduce poverty levels. The donation was announced at a special event commemorating ten years of EIF achievements on 3 July during the Aid for Trade Global Review 2019 at the WTO.
The new investment is intended to increase LDCs’ share of global trade, which currently stands at less than 1 percent, and to help them deal with the impact of the current uncertainty in the global trading environment. This is particularly important as the latest forecasts from the WTO point to a slowdown in trade growth.
This donation will help the EIF address LDC trade constraints through evidence-based research and the development of sectoral strategies aimed at economic diversification and the coordination of work on the ground.
The EIF brings together partners (51 countries, 24 donors and eight partner agencies) and resources to provide financial and technical support to LDCs, using trade to support poverty reduction, inclusive growth and sustainable development. Through the Aid for Trade initiative in particular, the EIF works directly with LDC governments to mobilize resources to build trade capacity and infrastructure.
Director- General Roberto Azevêdo said: “This is a significant show of support. We need to keep up this momentum. It can really make a difference. I think we need more Aid for Trade. We need more EIF. And we need to keep demanding more results. So I want to take this opportunity to underscore, once again, the WTO’s support for the EIF and our commitment to working collectively, with you all, in the interests of the LDCs.” His opening remarks are available here.
EIF works across continents and has already helped 41 countries integrate trade into their national development plans while supporting over 1,300 micro-, small- and medium-sized enterprises and over 35,000 women entrepreneurs. EIF’s unique partnership is designed to have maximum impact and works as a catalyst for ensuring that support to LDCs extends far and wide.
Original source: WTO
Published on 03 July 2019
