UK triples funding to boost trade facilitation in the Commonwealth
7 Aug 2018 - by
The United Kingdom will be tripling its funding to advance the United Nations Conference on Trade and Development’s (Unctad) implementation of the World Trade Organisation’s Trade Facilitation Agreement (TFA) in Commonwealth developing countries.
Thirteen of the world’s least-developing countries are in the Commonwealth.
Her Majesty’s Revenue and Customs service has decided to extend its support to Unctad until 2020 and increase its funding to £1 million, a rise of over 300% compared to its previous contributions.
The TFA is aimed at simplifying, modernising and harmonising export and import processes by working to remove the bureaucratic delays and red tape that poses a burden to moving goods across borders.
“The result is more revenues for governments, less hassle for traders, and more exports for countries,” said Unctad Division on Technology and Logistics director, Shamika Sirimanne.
According to a recent Unctad statement, this will be done through its Empowerment Programme for National Trade Facilitation Committees and to date, UK support through the programme has focused on Ghana, Liberia, Sudan and Zimbabwe.