Wed, Mar 25,
Insights
The UK today announced a new support package at the 14th WTO Ministerial Conference in Cameroon that is focused on helping countries strengthen their trading systems, connect more businesses to global markets and build long-term economic resilience.
Seven initiatives will receive the Aid for Trade package of £13 million.
This will help countries grow through trade and gradually reduce their need for aid.
The United Kingdom today announced a new package of support at the 14th World Trade Organisation (WTO) Ministerial Conference that is focused on helping countries strengthen their trading systems, connect more businesses to global markets and build long-term economic resilience.
The Aid for Trade package of £13 million in Official Development Assistance into seven initiatives will enable developing economies to participate more effectively in the global trading system.
The announcement was made by Chris Bryant, UK Minister of State at the Department for Business and Trade, at the conference in Yaounde, Cameroon.
These improvements will help countries grow through trade and, over time, reduce their need for aid, a release from the Geneva-based UK Mission to the WTO, United Nations and other international organisations said.
Working in partnership with governments, regional institutions, and global bodies such as the WTO and World Bank, the United Kingdom is supporting a series of initiatives that make trade faster, safer and more predictable.
This includes work to streamline customs processes, modernise regulations and provide expert legal support so countries can participate fully and fairly in global trading rules.
“By working in partnership with developing countries to 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,” Bryant said.