Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2023
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2023
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

UK pledges $ 21.3 million to LDC Trade Programme

  • CBC News Team
Total
0
Shares
0
0
0

The government of the UK, a leading Commonwealth member, has pledged US$21.3 million to 51 of the world’s poorest countries at the World Trade Organisation’s Ministerial Conference on December 11, 2017

The government of the UK, a leading Commonwealth member, has pledged US$21.3 million to 51 of the world’s poorest countries at the World Trade Organisation’s Ministerial Conference on December 11, 2017.

The funds will help least developed countries (LDCs) to develop the skills, tools and economic capacity needed to compete in new markets for goods and services.

This financial support will be channelled through the Enhanced Integrated Framework, an innovative global trade programme, in a show of support for the use of trade as a solution towards development.

The Framework works with partners, including the WTO, and resources to support LDCs to reduce poverty and promote inclusive growth and sustainable development through trade.

It is funded by 24 donor countries and has invested over $200 million in LDC trade since 2008.

As a result, 51 countries have seen growth in services such as tourism and information technology, as well in the production of spices, honey, mangoes and textiles.

In 2016 alone, EIF supported 189 micro-, small- and medium-sized enterprises in LDCs globally.

EIF aims to secure a further $160 mission to assist 47 LDCs and 4 recently-graduated countries in reaching export goals.

WTO’s Director-General Roberto Azevêdo commended the work of the EIF in helping LDCs to improve production and job opportunities in its partner countries, which are all in Africa, Asia and the Pacific.

At the conference, trade officials from some of the world’s poorest nations called for more support in connecting lesser developed economies to export markets, in the face of a $93 billion trade deficit due largely to a fall in commodity prices.

In 2016, the trade gap stood at $92.9 billion, a nine-fold increase since 2005, and a share in the global market for LDCs fell by 6%, largely a result of falling prices for fuel and mining products.

Minister of Commerce at the Royal Government of Cambodia, Pan Sorasak, said that LDCs accounted for 13% of the global population but accounted for less than 1% of global trade and called for investment in sustainable development to improve the lives of the world’s most vulnerable and poorest citizens.

EIF Executive Director Ratnakar Adhikari said that the financial commitments made at the conference would help LDCs prepare for shifts in the global economic system, such as the growing trend in e-commerce.

Greg Hands, Minister of State for Trade Policy at the UK's Department for International Trade, said: “Trade and economic development is clearly the most effective way for countries to create investment and jobs.

“I’m delighted that the UK’s generous support to the Enhanced Integrated Framework will help the world’s poorest countries trade out of poverty.”

WTO Director-General Azevedo said: “The EIF does vital work and has made a real impact on the ground [but] there is still a huge amount to be done.

“We are particularly grateful for the UK's commitment at this time.

“We see it as recognition that EIF and the countries it partners with are indeed on the right path.”

Read More: The UK government is increasing efforts to strengthen its political and economic alliances outside of the EU as Brexit negotiations reach their latest phase

iStock_000015330985XSmall.jpg

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
CBC News Team

Previous Article

INTERPOL Workshop in Bahamas to Enhance Border Control

  • CBC News Team
Read More
Next Article

Commonwealth Legislates against Slavery, Trafficking and Forced Labour

  • CBC News Team
Read More
You May Also Like
Commonwealth Youth finalists
Read More
  • Uncategorized

Regional finalists announced for the Commonwealth Youth Awards 2023

  • CBC News Team
  • 1 September 2023
Read More
  • Uncategorized

Celebrating Trinidad and Tobago Independence Day

  • slessorecbc
  • 31 August 2023
Commonwealth Youth Award Trophies - transparent trophies inscribed "The Commonwealth Youth Awards for Excellence in Development Work 2020"
Read More
  • Uncategorized

Commonwealth Youth Awards 2023 shortlists 50 outstanding young leaders

  • CBC News Team
  • 28 July 2023
Read More
  • Uncategorized

Trinbago 2023 Commonwealth Youth Games | 4 – 11 August 2023

  • CBC News Team
  • 19 July 2023
Peter Obi lands surprise victory in Lagos
Read More
  • Uncategorized

Peter Obi lands surprise victory in Lagos

  • CBC News Team
  • 27 February 2023
New Zealand declares national emergency as Cyclone Gabrielle pummels the country
Read More
  • Uncategorized

New Zealand declares national emergency as Cyclone Gabrielle pummels the country

  • CBC News Team
  • 17 February 2023
Flag of Nauru
Read More
  • Uncategorized

Celebrating Nauru Independence Day

  • CBC News Team
  • 31 January 2023
Malta encourages bilingualism with new policy
Read More
  • Education & Youth
  • EDUCATION
  • MALTA
  • EUROPE
  • Uncategorized

Malta encourages bilingualism with new policy

  • CBC News Team
  • 12 January 2023
OUR LATEST PUBLICATION
Commonwealth Education Report 2023
EDUCATION 23

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • HE Dr Madeleine Tchuinte, Minister of Scientific Research and Innovation, and Mr Hua Liu, IAEA Deputy Director General and Head of the Department of Technical Cooperation, signed Cameroon’s Country Programme Framework (CPF) for the period of 2024-2029. (Photo: J. O'Brien/ IAEA)
    Cameroon Signs its Country Programme Framework (CPF) for 2024-2029
  • Manutius human rights webinar
    Commonwealth and Mauritian Government host webinar to help businesses protect human rights
  • Pakistan floods one year on
    One year on from catastrophic floods, millions of children in Pakistan still need urgent support
  • Ministry of Health Kenya WHO National Multi-Hazard Preparedness Plan Workshop
    Kenya: Ministry of Health partners with WHO to conclude National Multi-Hazard Preparedness Plan Workshop

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.