Aid for Trade is complement, not substitute for Doha Round
19 Sep '07
3 min read
Regional multilateral development banks like ADB have been involved from the start of WTO's Aid For Trade Initiative that was launched at the WTO Ministerial Conference in 2005. At the WTO Hong Kong Ministerial Conference, major donors pledged around $15 billion for the “Aid for Trade” Initiative.
Officials said for less developed economies to benefit from global trade they need access to infrastructure, like transport, telecommunication networks, modern custom facilities, and financial resources to make the necessary transition to develop open, market systems and other key services that drives globalization.
“Aid for Trade” is not a substitute for better trade rules. But it is an important complement to fairer trading system. It is about mobilizing resources that spur trade, investment and growth and allows us to close the development gaps,” said Pascal Lamy, WTO Director General.
The “Aid for Trade” conference aims to stimulate a dialogue among Asia-Pacific economies, particularly LDCs and small states, and donor countries on how to boost economic infrastructure; focus on productive capacity building and provide help in transition to adoption of more outward-oriented trade policies; boost capacity to formulate, negotiate and implement trade policy and related agreements.
The discussions and results from the three regional meetings in Lima, Peru; Manila, Philippines; and Dar Es Salaam, Tanzania will contribute to WTO's “Aid for Trade” Review to be held in Geneva on 20-21 November 2007.
ADB, based in Manila, is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, it is owned by 67 members - 48 from the region. In 2006, it approved loans and grants for projects totaling $8.5 billion, and technical assistance amounting to almost $242 million.
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