Australia has announced a new strategy to increase the impact of Australia’s aid for trade investments by driving sustainable economic growth and poverty reduction in developing countries in the Indo-Pacific region.
Australia is investing to build the capacity and infrastructure our partners need to benefit from trade, create jobs and build livelihoods, according to a joint media release by the Hon Julie Bishop MP, Minister for Foreign Affairs, and the Hon Andrew Robb AO MP, Minister for Trade and Investment
The release of the Strategy for Australia’s Aid for Trade Investments coincides with Australia’s commitment to the development agenda of the World Trade Organization, which is hosting the fifth biennial Global Review of Aid for Trade in Geneva this week.
Aid for trade is a key priority of Australia’s development policy. The Australian Government has a target of increasing aid for trade expenditure to 20 per cent of the aid budget by 2020. This strategy is intended to ensure Australia’s aid for trade investments are well-planned and effective, meet the needs of our developing country partners, conducted with the right partners, and aligned with Australian interests.
“We are one of few donor countries to adopt a dedicated aid for trade strategy. The strategy prioritises expenditure in eight areas, including economic empowerment of women, infrastructure connectivity, private sector development and agriculture” reads the statement by Julie Bishop.
“By 2020, 20 per cent of our aid budget will be dedicated to ‘aid for trade’ investments to support developing countries to improve their regulatory environments, enhance their economic infrastructure and build their private sector capacity.”
“Australia will work through the Global Review to create a collaborative environment for donors and developing country partners to address aid for trade needs. Australia will showcase opportunities at the Global Review for greater aid for trade investment in the Indo-Pacific, particularly in the areas of trade facilitation, services and women’s empowerment” the statement maintained.