In a commendable display of commitment to fostering inclusive global trade, the Republic of Korea has allocated KRW 390 million (equivalent to CHF 260,000) to the Global Trust Fund for capacity-building initiatives in 2024. This significant contribution aims to empower developing economies, enabling them to play a more active role in the global marketplace.
A considerable portion of this funding will be directed towards the WTO Chairs Programme, an invaluable initiative designed to enhance trade-related academic activities in developing countries and least-developed countries (LDCs). Currently, the Programme encompasses 36 universities worldwide, serving as a vital resource for trade-related research, curriculum development, and outreach endeavors. Through financial and technical assistance provided by the WTO, partner institutions of the WTO Chairs Programme are equipped to offer expert guidance to governments and key stakeholders on pertinent trade policy matters.
Expressing gratitude for this generous support, WTO Director-General Ngozi Okonjo-Iweala emphasized the indispensable role of capacity-building programs in empowering nations to leverage trade for sustainable economic growth and global prosperity.
Echoing this sentiment, Korea's Ambassador in Geneva, Yun Seong Deok, highlighted Korea's steadfast commitment to fostering the integration of developing countries and LDCs into the multilateral trading system. He underscored Korea's increased funding for the WTO Chairs Programme, reflecting a dedication to bolstering the expertise of policymakers in developing nations, who possess invaluable insights into their countries' unique trade needs.
This latest contribution reaffirms Korea's longstanding commitment to supporting capacity-building efforts, with contributions exceeding CHF 6.5 million over the span of two decades. Through such initiatives, Korea continues to champion inclusive trade practices, fostering a more equitable and prosperous global economic landscape.
