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The European Union
Trade and development
On 11 December 2017, the Ministers responsible for development cooperation examined and adopted the Council’s conclusions on the updated strategy on aid for trade that the Commission had presented in its communication on November 2017 entitled “Achieving Prosperity through Trade and Investment - Updating the 2007 Joint EU Strategy on Aid for Trade”. These conclusions take account of the Council’s position on the updated EU strategy on aid for trade, which aims to improve the integration of developing countries into the international trade system and to enable trade and investments to contribute to poverty reduction.
Minister Schneider expressed his support for this update and specified Luxembourg’s support in this field via the World Trade Organisation (WTO) Enhanced Integrated Framework specifically to the least developed countries (LDC). Romain Schneider also mentioned the Business Partnership Facility (BPF), which will promote investment by small and medium-sized enterprises (SME) in developing countries.
The updated strategy aims to strengthen synergies between the various tools of development financing that the EU and its Member States use to promote aid for trade and to increase the impact of aid for trade programmes by way of enhanced cooperation with the private sector, civil society and local authorities. The strategy also aims to ensure that the intensification of commercial exchange benefits the whole of society, including women.
