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November 20, 2009 15:01 PM

EU Spends 1 Billion Euros On Trade Facilitation Projects In Developing Countries

KUALA LUMPUR, Nov 20 (Bernama) -- The European Union (EU) has presented to the World Trade Organization (WTO) the trade facilitation projects it financed between 2006 and 2008.

The review showed that the EU had spent 1.01 billion euros on 95 projects related to capacity building and technical assistance.

The projects have helped simplify import and export procedures and boosted the ability of developing countries to benefit from trade and open global markets.

The projects are part of an overall commitment to aid for trade by the EU, worth more than 7 billion euros annually.

EU Trade Commissioner Catherine Ashton said developing countries cannot take full advantage of the benefits of open and fair trade, if their exports fell at the first hurdle.

"Trade facilitation is vital for the developing countries' growth prospects," she said in a statement to Bernama Friday.

In addition to the commitment by the European Commission, the submission to the WTO contains examples of trade facilitation related projects around the world supported by fourteen EC member states -- Finland, Germany, Poland, Czech Republic, Latvia, Sweden, Slovenia, Lithuania, United Kingdom, Belgium, Netherlands, Spain, Ireland and France.

The EU is the only WTO member to submit such a review.

Its funds have supported projects in Asia (21 per cent), Africa (18 per cent), Latin America and the Caribbean (18 per cent), Middle East (four per cent), Oceania (two per cent) as well as non-EU Europe, including the Balkans and Commonwealth of Independent States(37 per cent).

-- BERNAMA

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