Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions Achieving Prosperity through Trade and Investment Updating the 2007 Joint EU Strategy on Aid for Trade
1. This communication is the European Commission setting out a renewed vision on how to help developing countries fight poverty and create more and better jobs through trade and investment. They set out ways that the Commission can improve and better target its aid for trade through updates to the joint European Union Commission and Member State aid for trade strategy.
2. The initial strategy was drafted and approved in 2007 in response to the World Trade Organisation (WTO) launch of aid for trade as a concept in 2005. Aid for trade quickly became an established work stream in development cooperation and covers areas including trade policy, trade regulations and standards, trade infrastructure, and capacity building in export-oriented sectors.
3. Aid for trade supports developing countries, specifically least developed countries to use trade more effectively to boost growth and support poverty reduction. The EU’s aid for trade strategy sets out a roadmap for implementation of the recommendations set out by the WTO and the delivery of specific European Commission and Member State commitments.