In a significant move to bolster developing economies’ engagement in global trade, Finland has pledged EUR 1.2 million (CHF 1.14 million) to four World Trade Organization (WTO) trust funds. This initiative aims to support developing countries and least-developed country (LDC) members in better understanding and applying international trade regulations.
During a signing ceremony at the WTO, Finland’s Ambassador to the WTO, Heidi Schroderus-Fox, confirmed the contribution alongside WTO Deputy Director-General Xiangchen Zhang. Half of the funds will be allocated to the Global Trust Fund, which finances training programs for government officials from developing economies and LDCs. These programs aim to enhance their expertise in WTO matters and strengthen their negotiation capabilities for trade rules.
The remaining half of Finland’s contribution will be distributed among three other funds: the Standards and Trade Development Facility (STDF), the WTO Fisheries Funding Mechanism (Fish Fund), and the LDCs Trust Fund.
Finland’s support to the STDF will assist developing economies and LDCs in implementing food safety, animal health, and plant health standards crucial for international trade. This investment will contribute to sustainable economic growth, poverty reduction, and food security, while also promoting more resilient and environmentally-friendly agri-food systems.
The Fish Fund will provide direct assistance to developing and LDC members to implement the Agreement on Fisheries Subsidies, further enhancing their trade capabilities in the fisheries sector.
Additionally, Finland’s contribution to the LDCs Trust Fund will facilitate the participation of officials from LDCs at the upcoming 13th Ministerial Conference in Abu Dhabi, United Arab Emirates, thereby promoting their engagement in multilateral trade discussions.
Welcoming Finland’s commitment, WTO Deputy Director-General Zhang emphasized the importance of enabling developing economies and LDCs to leverage trade for socio-economic development. Ambassador Schroderus-Fox highlighted Finland’s dedication to strengthening the multilateral trading system by ensuring all WTO members can benefit from it.
Over the past two decades, Finland has contributed approximately CHF 17.4 million (approximately EUR 18 million) to WTO trust funds, demonstrating its longstanding commitment to supporting trade capacity-building initiatives for developing economies.