Funding package to help developing economies participate in world trade
14th WTO Ministerial Conference
CAMEROON: The UK Government has announced £13 million in Official Development Assistance (ODA) to enable developing economies to participate more effectively in the global trading system and has transferred £1m to the WTO Fisheries Fund.
Minister of State at the Department for Business and Trade, Chris Bryant, made today’s announcement at the 14th WTO Ministerial Conference (MC14), being held in Yaoundé, Cameroon.
The funding package will be distributed across seven key initiatives that work directly with partner governments and business in developing economies to modernise systems and connect with global markets. By helping countries trade effectively, the UK is contributing to a stronger global economy with more reliable trading partners, benefitting developing economies and the UK alike.
“Trade is one of the most powerful tools we have for driving growth and creating opportunity, both at home and around the world. This investment in our Aid for Trade programmes demonstrates the UK’s commitment to a global trading system that works for everyone, not just the wealthiest nations,” said Minister of State for Business and Trade Chris Bryant adding that partnerships would help developing countries overcome barriers to trade.
“We are opening up new markets for British businesses whilst supporting economic growth where it is needed most. A stronger, fairer multilateral trading system benefits us all,” he continued.
“These contributions are not simply aid, they are investments in shared prosperity and a more stable, predictable global economy,” noted UK Ambassador and Permanent Representative to the WTO, Kumar Iyer.
“At a time of global uncertainty, it is more important than ever that we invest in the institutions and programmes that support countries so they can trade on equal terms.
Today’s announcement reinforces the UK’s commitment to strengthen the WTO and increase the integration of developing economies into global value chains, supporting them to meet international standards, and seize the opportunities of the multilateral trading system.
As trade ministers from WTO member countries gather in Cameroon’s capital, reform of the organisation will be high on the agenda. Building on the policy paper published earlier this month, the UK will be setting out a clear vision for a more relevant, flexible and functional WTO.
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