MEDIA RELEASE
Released By:
Alexander Downer, Minister for Foreign Affairs and Mark Vaile, Minister for Trade
Australia will contribute $500,000 in 2005 to the World Trade Organization's Global Trust Fund to help developing member countries and observers strengthen their capacity to participate in the Doha round of world trade negotiations.
A strong commitment to progress on the Doha Round is the biggest contribution Australia's trade policy can make to reducing poverty. Providing access to developed economy markets through trade liberalisation would improve the efficiency of markets in developing countries themselves.
The World Bank's Global Monitoring Report 2004 shows that effective trade liberalisation could increase real incomes in developing countries by $350 billion and lift an additional 140 million people out of poverty by 2015. Around 70 percent of this gain would arise from agricultural trade liberalisation.
Since 2002, Australia has contributed $1.46 million to the Global Trust Fund to assist developing countries benefit from multilateral trade negotiations. This further contribution highlights Australia's commitment to help developing countries increase economic growth and reduce poverty.
The Global Trust Fund provides trade-related capacity building assistance to developing countries through programs designed to meet their specific needs. The fund enables Australia to target funding for technical assistance to enable developing countries to fully benefit from trade liberalisation and multilateral trade negotiations.
The Australian Government, through AusAID, will provide more than $30 million in 2004-05 towards trade-related assistance, including support to the Global Trust Fund.
Media inquiries:
Chris Kenny (Mr Downer's office) 0419 206 890
Richard Forbes (Mr Vaile's office) 02 6277 7420 or 0418 273 475