Trade funding boost for developing countries

The Government has ploughed more than €5m into supporting the trade efforts of the world’s poorest countries, it was announced today.

Irish Aid has substantially increased its funding for the Aid For Trade initiatives, which tackle the barriers faced by developing states in the global trade system.

Michael Kitt, Minister of State for Overseas Development at the Department of Foreign Affairs, said the pledge of €5.2m reflects the country’s commitment to play its part in EU pledges to increase collective Aid For Trade spending to €2bn by 2010.

“Trade represents the best chance for developing countries to exit poverty,” he said.

“Often the poorest countries lack the capacity to take advantage of the trading opportunities already open to them.

“This funding will help them deal with the difficulties they have in getting goods to market. It will allow them to take advantage of export opportunities and negotiate the best deals in the world trade talks.

“Ultimately, it will help their efforts to use trade as a catalyst for poverty reduction.”

Organisations and programmes receiving funding from Irish Aid include the World Trade Organisation, World Customs Organisation, and the Enhanced Integrated Framework.