The Australian Government will provide $60 million over four years to help developing countries participate in international trade and boost global economic growth.
Foreign Minister Julie Bishop said the new Global Trade Integration Facility will make an important contribution to Australia’s aid-for-trade efforts by fostering an environment that supports opportunities for poor and disadvantaged nations, creates jobs and builds livelihoods.
“One of our first investments is a $6 million contribution to the World Bank’s Trade Facilitation Support Program to help developing countries undertake reforms that make trading easier,” Minister Bishop said.
“This will contribute to increased economic growth, job opportunities and poverty reduction in our region.”
Trade and Investment Minister Andrew Robb, currently hosting the G20 Trade Minister’s meeting in Sydney for Australia’s G20 year, met with the World Bank’s Senior Director of Trade and Competitiveness Anabel Gonzalez.
At the meeting, Minister Robb reiterated Australia’s support for the World Bank Trade Facilitation Support Program, which demonstrates the ongoing commitment to the WTO Trade Facilitation Agreement reached in Bali in December 2013.
“It is estimated that the implementation of this agreement could increase global GDP by US$1 trillion per annum and create 21 million jobs, of which 18 million would be in developing countries” Minister Robb said.
“Making the movement of goods more efficient, transparent and uniform will help reduce the time and costs of trading – core themes of Australia’s G20 trade agenda.”
Aid for trade is a key part of Australia’s new development policy. Australia has committed to increase aid for trade investments to 20 per cent of the aid budget by 2020.
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