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By Bimbola Oyesola
Austria has contributed €200,000 (approximately CHF 190,000 and in Nigeria currency N258,167,285.00)
to the Global Trust Fund in 2024 to help developing economies like Nigeria participate more fully in international trade.
The World Trade Organization (WTO) said most of the contribution will be directed to the WTO Chairs Programme, a capacity-building initiative aimed at supporting trade-related academic activities in developing economies and least-developed countries (LDCs).
The programme comprises 36 universities across the world.
Academic institutions in the WTO Chairs Programme receive financial and technical support from the WTO for trade-related research, curriculum development and outreach activities. According to the ILO, the objective is to strengthen the capacity of these institutions to advise governments and key stakeholders on trade policy issues.
Director-General, Ngozi Okonjo-Iweala said: “The WTO Chairs Programme plays a valuable role in helping developing countries and LDCs leverage academic research to inform trade policy-making so that it delivers more effectively for sustainable economic growth and development, improving people’s lives and livelihoods. I welcome Austria for generously renewing its yearly contribution.”
Austria’s Minister for Labour and Economy, Martin Kocher, said: “Austria’s contribution to the WTO Chairs Programme will play a vital role in further strengthening understanding of global and regional trade issues in developing countries and LDCs.
“Keeping markets open, supporting research at all levels and promoting a level playing field for multilateral trade — especially during these challenging times — can strongly contribute to boosting economic growth and creating jobs in these countries, for the benefit of all.”
Overall, Austria has contributed approximately CHF 6 million to the various WTO Trust Funds over more than 20 years.”
