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Canada announces funding for developing countries implementing global trade reforms
December 17, 2015 - Nairobi, Kenya - Global Affairs Canada
The Honourable Chrystia Freeland, Minister of International Trade, together with the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today announced that Canada will provide funding to help developing countries implement the World Trade Organization’s (WTO’s) Trade Facilitation Agreement (TFA).
The TFA will reduce trade costs and create conditions that will help move the world’s poorest and most vulnerable people out of poverty. Canada, a founding donor of the Global Alliance for Trade Facilitation (GATF), will contribute $10 million to the initiative between 2015 and 2022.
Minister Freeland made the announcement on the margins of the 10th WTO Ministerial Conference in Nairobi, Kenya.
The Government of Canada will partner with the GATF, an organization that matches private-sector expertise with the needs of developing countries committed to implementing trade reforms. Through the Alliance, private-sector experts identify, validate and support practical reforms aimed at reducing red tape, trade costs and border waiting times, and these reforms boost economic growth and reduce poverty.
“Canada recognizes that international trade generates wealth and is a key driver of economic growth and poverty reduction in developing countries. Canada’s participation in the Global Alliance for Trade Facilitation reflects our commitment to ensuring that the benefits of increased global trade are mutual and inclusive—helping the world’s poorest and most vulnerable.”
- Chrystia Freeland, Minister of International Trade
“Canada is committed to becoming a leader in development innovation and effectiveness. Canada’s support of the Global Alliance for Trade Facilitation exemplifies this commitment by mobilizing private-sector resources and expertise to help the world’s poorest and most vulnerable people, which will be a crucial factor in achieving the United Nation’s Sustainable Development Goals.”
- Marie-Claude Bibeau, Minister of International Development and La Francophonie
- The TFA is a multilateral trade agreement concluded in Bali at the 9th Ministerial Conference, in 2013.
- The implementation of the TFA will help developing countries reduce trade costs for business, achieve greater competitiveness, improve export performance, create jobs and achieve further economic growth through modernization and simplification of customs procedures.
- The WTO reports that the full implementation of the TFA could reduce trade costs of WTO members by an average of over 14 percent—with an average reduction for least-developed countries of nearly 17 percent—and boost global merchandise exports by up to $1 trillion annually, including up to $730 billion in developing countries.
- The GATF is a unique public-private partnership that brings together donor countries, global businesses and international institutions, such as the World Economic Forum, the International Chamber of Commerce and the Center for International Private Enterprise, to help developing countries implement TFA reforms.
- Minister Freeland attends World Trade Organization Ministerial Conference in Nairobi, Kenya
- Canada’s leadership in blended finance
- Trade Facilitation (World Trade Organization)
- World Economic Forum
- The 2030 Agenda for Sustainable Development
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