The FINANCIAL — The government of Australia has contributed AUD 1 million (CHF 715,843) to the WTO’s Trade Facilitation Agreement Facility to help developing countries and least-developed countries implement the WTO’s Trade Facilitation Agreement.
The Facility became operational in November 2014 when the General Council adopted the Trade Facilitation Agreement Protocol, inserting the new Agreement into the WTO legal framework. The Trade Facilitation Agreement will enter into force once two-thirds of WTO members have completed their domestic ratification process, according to WTO.
Director-General Roberto Azevêdo said: “Australia’s donation to the Trade Facilitation Agreement Facility is very welcome. It underlines the important role of the Facility and that WTO members are committed to helping developing and least-developed countries feel the benefits of the WTO’s Trade Facilitation Agreement. The Facility will ensure that countries get the practical help they need in order to cut their trading costs under the Agreement.”
Australia’s Ambassador Hamish McCormick said: “Implementation of the Trade Facilitation Agreement will cut costs, contribute to growth and create jobs. Alongside other donors and the private sector, Australia is committed to providing technical assistance toward this goal. This contribution to the WTO’s Trade Facilitation Agreement Facility is a clear signal that Australia believes in the capacity of the rules-based multilateral trading system to deliver genuine development outcomes for developing and least-developed countries.”
Since 2002, Australia has donated CHF 15,169,267 to WTO trust funds.