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Lima, 13 September 2007
Regional review of aid for
trade sees steep rise in EU trade assistance to Latin America and Caribbean
The European Commission will today participate in a WTO
review of Trade Related Assistance in Latin America and Caribbean regions. The
review, to be held in Lima is intended to help set out a long-term vision on the
Aid for Trade in the region by bringing together governments, donors,
international agencies, and the private sector to share experiences, assess
needs and prioritise future work. The European Commission is the biggest donor
of Trade Related Assistance to Latin America and the Caribbean, and now targets
30% of its funds to the Latin American region for projects devoted to trade
development. This almost doubles the 17% of Commission budget spent on TRA for
Latin America between 2001-2006. This growth is a clear signal that trade
assistance is increasingly recognised as an effective way of boosting
development and a priority for this region.
Peter Thompson, Director for Trade and Development at the
European Commission's Directorate General for External Trade, said: "The EU
believes that Latin American and Caribbean countries still have a large untapped
potential for trade and growth. Not just with the EU but first and foremost with
their neighbours and neighbouring regions and with other emerging economies such
as India and China. European aid for trade helps to build regional trade,
attract investment and, most importantly, reduce poverty."
Aid for Trade depends on effective engagement from local
businesses and the agencies that support them - the Lima review can and should
help encourage wider understanding of the potential benefits of Aid for Trade in
the region.
EU Aid for trade in the region and the world.
European Commission trade related assistance to the Latin
America region has increased, from 17 % of total Community assistance to the
region during the 6 years from 2001 – 2006, to 30 % of all funding to be
provided for 2007 to 2010. During the period from 2001 to 2006 more than €385
million has been provided to assist Latin American regional economic integration
and another €443 million is programmed for the period 2007 – 2010. In the
Caribbean region the total package of trade related assistance committed in the
period 2001-2007 is €536 million.
The European Commission is the largest donor of trade related
assistance globally. The European Commission will raise its overall spending on
aid for trade to €1bn annually by 2007. EU Member States have committed to match
that annual €1bn target by 2010. These funds are used to help develop the
capacity to trade in partner countries by providing training and technical
assistance, supporting private sector development, meeting health and safety
standards for export, and facilitating regional market building.
More information about the Lima WTO regional review on Aid
for Trade:
http://www.iadb.org/aidfortradelac/
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