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.
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.
Finland’s contribution to the LDCs Trust Fund will help cover travel expenses for officials from LDCs attending the 13th Ministerial Conference, which will be held from 26 to 29 February 2024 in Abu Dhabi, United Arab Emirates. The LDCs Trust Fund is set up for each WTO Ministerial Conference.
Welcoming Finland’s contribution, DDG Zhang said: “I welcome Finland’s generous contribution, which will help to create new opportunities for people from developing economies and LDCs to participate in international trade. Through its various trust funds, the WTO seeks to help its member governments use trade as a vehicle for raising living standards, creating jobs and improving people’s lives.”
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.
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