Finland promotes Aid for Trade to build developing countries' trade capacity
Press release 253/2007
20 November 2007
In his address to the WTO Aid for Trade Review session in Geneva on Tuesday, 20 November, Minister for Foreign Trade and Development Väyrynen said that Finland strongly supports the Aid for Trade initiative designed to promote developing countries' trade capacity.
"Our aim is to provide high quality Aid for Trade that contributes towards poverty eradication in the context of economically, socially and ecologically sustainable development. Trade can be one important factor in stimulating economic development, growth and poverty reduction," noted Minister Väyrynen.
The Global Aid for Trade Review session convened in Geneva for the first time. The WTO served as a forum for discussion to increase the amount and quality of development financing, which supports developing countries' trade capacity. However, the intention is not to change the WTO into a development financing institution. According to Minister for Foreign Trade and Development Väyrynen, transparent monitoring of assistance is essential to get better results.
The EU policy will be guided by the Aid for Trade Strategy, which was originally prepared on Finland's initiative and adopted in the General Affairs and External Relations Council on 15 October, just in time to make it available to the review session.
During his visit to Geneva, Minister Väyrynen also met WTO Director-General Pascal Lamy. In their talks, Väyrynen emphasised the significance of a balanced outcome in the WTO Doha development round. Russia's WTO membership was also discussed.
Väyrynen also discussed with Secretary-General of UNCTAD Supachai Panitchpakdi. They dealt with various matters, such as Finland's cooperation with UNCTAD, especially to support the least developed countries.
The Review conference closed with a WTO General Council discussion on 21 November 2007.
Further information: Commercial Counsellor Kent Wilska, Unit for OECD, Investment Protection and Specific External Economic Relations at the Ministry for Foreign Affairs, tel. +358 9 1605 5953, Adviser to the Minister Päivi Nevala, tel. +358 40 7534 375