Aid for Trade: 5.2 Million Euro Announced To Help Developing Countries Trade More Effectively

Announcing the funding, Minister Kitt confirmed that "Irish Aid has increased substantially its funding for Aid for Trade initiatives. 

"This is in line with pledges contained in the White Paper on Irish Aid and reflects Ireland's commitment to play our part in EU commitments to increase collective Aid for Trade spending to €2billion by 2010.

"Trade represents the best chance for developing countries to exit poverty. 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."

The Aid for Trade initiative was launched at the December 2005 World Trade Organisation (WTO) Ministerial Conference in Hong Kong.

A Task Force was created to best recommend how Aid for Trade might contribute to the development dimension of the Doha Development Agenda, the current round of world trade talks.  

The Task Force's report called on donors to increase support for Trade and Development and provide additional, predictable funding for Aid for Trade. It stresses the importance of Developing Country ownership of Aid for Trade initiatives.  

In Hong Kong, the EU and its Member States announced a commitment to increasing trade-related development assistance spending to €2 billion per year by 2010.