Finland is contributing EUR 1.2 million (CHF 1.14 million) to four WTO trust funds aimed at assisting developing economies and least-developed country (LDC) members improve their understanding and application of global trade rules.
Finland’s contribution was confirmed by WTO Ambassador Heidi Schroderus-Fox at a signing ceremony held with WTO Deputy Director-General Xiangchen Zhang on 8 February at the WTO.
Half of the contribution will be provided to the Global Trust Fund, which finances training programmes for government officials from developing economies and LDCs. The objective is to broaden their expertise in WTO matters and enhance their ability to negotiate trade rules at the WTO. The funding will partly support activities organized under Action for Climate and Trade, a joint initiative with the World Bank Group and the World Economic Forum.
The other half of this contribution will be channelled to three other funds: the Standards and Trade Development Facility (STDF), the WTO Fisheries Funding Mechanism, known as the Fish Fund, and the LDCs Trust Fund.
Supporting multilateral trade
Finland’s contribution to the STDF will help developing economies and LDCs implement food safety, animal health and plant health standards required for international trade and strengthen their sanitary and phytosanitary (SPS) systems, contributing to sustainable economic growth, poverty reduction and food security. Investing in SPS capacity also supports more sustainable agri-food systems that protect biodiversity and the environment and are more resilient to climate change.
The Fish Fund will offer direct support to developing and LDC members that have submitted their instruments of acceptance for implementing the Agreement on Fisheries Subsidies. Finland’s contribution will help to put into operation the Fish Fund, ensuring it is ready when the Agreement comes into effect.
Mrs Schroderus-Fox said: “The multilateral trading system is stronger when all WTO members can benefit from it. Finland’s support to the various WTO trust funds aims to enable developing countries, particularly LDCs, to fully participate in multilateral trade so that they may improve their development and economic prospects.”
Finland has contributed approximately CHF 17.4 million (approximately EUR 18 million) to WTO trust funds over the past 20 years.