World Bank to Put up $7bn Plus Aid for Trade Facilitation

The World Bank Group and the World Trade Organization (WTO) have agreed to enhance their co-operation in assisting developing and least-developed countries to better utilize trade facilitation programs which can help countries reduce trade costs and more fully engage in the global economy.

In July, the WTO launched its Trade Facilitation Agreement Facility, to ensure that no country is left behind and all are able to access the support they need. The Facility, which is designed to provide a fail-safe mechanism for developing countries that are unable to obtain support from the development community, will be available to help those countries implement the provisions of the Trade Facilitation Agreement - agreed on by all WTO Members at their December 2013 WTO meetings in Bali.

The WTO will work closely with partner organizations, including the World Bank Group, to identify sources of funding and support.

Today’s announcement confirms that the two organizations will work closely together to ensure that support is available for all who need it under the terms of the Trade Facilitation Agreement.

DG Azevêdo and President Kim have agreed that their organizations will work together to prepare a joint World Bank Group/WTO Study on the role of trade in ending extreme poverty while boosting shared prosperity next year.