Brussels, 22/07/2014 (Agence Europe) - On Tuesday 22 July, WTO Director General Roberto Azevêdo announced the launch of the WTO mechanism to allow the developing countries and least-developed countries to enjoy technical support and a reinforcement of capacity for the implementation of the trade facilitation agreement, which was concluded in Bali in December 2013.
This new mechanism, which will add to the efforts of the multilateral organisations (OECD, UNCTAD, World Bank) and the regional ones, bilateral donors and other stakeholders to supply the developing countries with the technical assistance they need for reforms to simplify and reduce customs procedures, will be up and running once the member countries of the WTO adopt the protocol agreement on trade facilitation. The formal adoption of the protocol is expected by 31 July.
Trade Commissioner Karel De Gucht immediately welcomed the creation of this fund. “The EU is fully committed to supporting trade facilitation reforms around the world and to ensuring the availability of funding”, he said. Before this mechanism was set in place, the EU announced a financial commitment of €400 million over the next five years. (EH)