Brussels: The European Union (EU) committed to donating 600,000 euros ($648,480) to support developing countries in their efforts to make customs procedures faster and smoother.
The EU’s commitment is part of a grant agreement concluded in the margins of the 10th World Trade Organisation (WTO) ministerial conference in Nairobi, Xinhua cited the bloc’s top trade policy maker European Commission as saying on Thursday.
The support will help the least developed and other developing countries to underpin the implementation of the WTO trade facilitation agreement (TFA), the statement said.
It will help the countries define their needs and provides technical assistance for the implementation of their obligations under the agreement.
EU said the new commitment brought the total EU contribution to the poorest trading nations to 12 billion euros annually.