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Ahead of the 13th World Trade Organization (WTO) Ministerial Conference (MC13), the Australian Government has pledged more than $20 million to bolster trade and development initiatives in the Indo-Pacific region.
Recognizing the significance of trade in enhancing regional stability and prosperity, Australia aims to collaborate with Indo-Pacific partners to strengthen their economies. The additional funding aligns with the priorities of Indo-Pacific countries and will focus on key areas including:
Capacity building in e-commerce and the digital economy
Trade financing
Enhancing intellectual property systems
Identifying ways trade can support national climate adaptation plans
As part of this commitment, Australia will allocate $10.3 million to the Pacific Islands Forum Secretariat Office in Geneva to support its engagement with the WTO. Additionally, ongoing support will be provided to Timor-Leste, assisting the country in meeting its obligations as a new member of the WTO.
Furthermore, sustainable development research organizations in Geneva will receive $2 million to assist developing countries in the region in advancing their climate and development priorities through trade.
Minister for Foreign Affairs, Senator the Hon Penny Wong said: “There is no sustainable long-term economic growth without trade. Being serious about helping our neighbours become more economically resilient means supporting their development as trading nations.”
Minister for Trade and Tourism, Senator the Hon Don Farrell said: “Australia’s support helps our Indo-Pacific partners to step up their involvement in international economic institutions like the WTO and benefit from the trade opportunities they generate.”
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