The World Trade Organization (WTO) has declared that Finland is contributing EUR 1.2 million (CHF 1.14 million) to four WTO trust funds. These funds are designed to assist developing economies and least-developed country (LDC) members in enhancing their understanding and application of global trade regulations. Over the past two decades, Finland has donated approximately CHF 17.4 million (around EUR 18 million) to various WTO trust funds.
Half of this contribution will be assigned to the Global Trust Fund, which backs training programs for government officials from developing economies and LDCs. The funding will also support activities under Action for Climate and Trade, a joint initiative involving the World Bank Group and the World Economic Forum. The remaining half of the contribution will be divided among three other funds: the Standards and Trade Development Facility, the WTO Fisheries Funding Mechanism, and the LDCs Trust Fund, according to a press release by WTO.
Zhang stated in a press release by WTO, "I welcome Finland's generous contribution, which will help to create new opportunities for people from developing economies and LDCs to participate in international trade. Through its various trust funds, the WTO seeks to help its member governments use trade as a vehicle for raising living standards, creating jobs and improving people's lives."
In another press release by WTO, Schroderus-Fox said, "The multilateral trading system is stronger when all WTO members can benefit from it. Finland’s support to the various WTO trust funds aims to enable developing countries, particularly LDCs, to fully participate in multilateral trade so that they may improve their development and economic prospects."
According to information provided on the WTO Fisheries Funding Mechanism webpage by WTO itself, the seventh article of the Agreement on Fisheries Subsidies outlines the establishment of this mechanism with an aim to provide specific technical assistance and capacity-building support. This aid is intended to assist developing and least-developed country members in the implementation of the agreement.