Finland will contribute €1.2 million (CHF 1.14 million) to four WTO trust funds aimed at helping developing economies and least developed country (LDC) members improve the understanding and application of global trade rules. He announced that he would make a contribution.
Finland’s contribution was confirmed by WTO Ambassador Heidi Schrodels-Fox during a signing ceremony with WTO Deputy Director-General Xiangcheng Zhang on 8 February at the WTO.
Half of the donation will go to the Global Trust Fund, which funds training programs for government officials in developing and least developed countries.
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Its purpose is to expand its expertise on WTO issues and increase its capacity to negotiate trade rules at the WTO. The funding will support some of the 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 go to three other funds: the Standard Trade and Development Facility (STDF), the WTO Fisheries Financing Mechanism, known as the Fish Fund, and the LDCs Trust Fund.
Finland’s contribution to the STDF will help developing and least developed countries implement food safety, animal health and plant health standards necessary for international trade and strengthen sanitary and phytosanitary (SPS) systems. contribute to sustainable economic growth, poverty reduction and food security.
Investments in SPS capabilities will also support more sustainable agriculture and food systems that protect biodiversity and the environment and increase resilience to climate change.
The Fish Fund provides direct support to developing countries and LDC countries that have submitted written consent to implement the Agreement on Fisheries Subsidies. Finland’s contribution will support the operation of the Fish Fund and ensure that it is ready when the agreement enters into force.
Finland’s contribution to the LDCs Trust Fund will help cover the travel costs of LDCs officials attending the 13th Ministerial Conference to be held in Abu Dhabi, United Arab Emirates, from 26 to 29 February 2024. The LDCs Trust Fund is established at each WTO Ministerial Conference.
DDG Zhang welcomed Finland’s contribution and said: “We welcome Finland’s generous contribution, which will help create new opportunities for people in developing countries and LDCs to participate in international trade.”
Through various trust funds, the WTO seeks to help member governments use trade as a means to raise living standards, create jobs and improve people’s lives. ”
Schroders-Fox said: “The multilateral trading system is stronger when all WTO members benefit. It aims to improve development and economic prospects by enabling developing countries to fully participate in multilateral trade.”
Finland has contributed approximately 17.4 million Swiss francs (approximately 18 million euros) to the WTO Trust Fund over the past 20 years.