On 30 April 2010, the Parliamentary Secretary for International Development Assistance, the Hon Bob McMullan MP launched 'Trade and Poverty Reduction in the Asia-Pacific Region'.
The book was jointly commissioned by AusAID and the World Trade Organization and prepared by the Institute for International Trade at the University of Adelaide. It highlights the contribution that increased trade makes to economic growth and development, as well as to reducing poverty.
While there is no 'one size fits all' formula for increasing trade in developing countries, the research identifies a number of common prerequisites for successful trade.
These include being open to trade, a serious commitment to domestic reform, trade related capacity building, a strong private sector and access to the markets of developed countries.
Australia recognises that trade is a critical avenue to reducing poverty and helps developing countries achieve sustained economic growth through Aid for Trade.
Aid for Trade is about providing development assistance for the trade related needs of developing countries to enable better engagement in multilateral trading and regional trade initiatives.
Australia's Aid for Trade is built on two pillars, improving market access and building competitive economies.
Aid for trade funding represents approximately 10 per cent of Australia's total aid program; most of this support is delivered in the Asia Pacific region.
Activities under this initiative include helping developing countries to formulate trade policy and regulations and to negotiate and implement international trade agreements.
Funding assistance is also provided for building infrastructure such as roads, bridges and ports to help communities to take their products to market.
Australia also supports developing countries to undertake structural reform to improve trade, including the re-skilling of workers.
The book is published by Cambridge University Press [external website].
Media release
Fighting poverty through open trade–Bob McMullan