Japan has contributed over US$ 81,000 to the Enhanced Integrated Framework (EIF) in 2021 to help least-developed countries (LDCs) use trade to combat the economic downturn caused by the COVID-19 pandemic.
The funding will help 46 least-developed countries (LDCs) across Africa, Asia and the Pacific tackle the impact of the COVID-19 pandemic by enhancing their capacity to trade. The World Trade Organization (WTO) indicated that LDCs often rely on exporting one particular commodity or natural resource, making it more complicated for them to recover from a crisis.
The EIF’s projects are aimed at helping these countries take advantage of the digitalisation of the economy, further integrate into global value chains and develop strategies for economic diversification. With this new funding, Japan’s total contributions to the EIF amount to US$ 200,000.
“The COVID-19 pandemic and a range of natural disasters have severely affected LDCs over the past year. At this challenging time, the role of the EIF is all the more important. Through our contribution, we hope that the EIF will continue to provide assistance to help LDCs recover from the crisis and rebuild their economies, including through e-commerce”.Japan’s WTO Ambassador, Kazuyuki Yamazaki
The EIF’s Executive Director, Ratnakar Adhikari, expressed his gratitude for the Japan’s king gesture noting that it will help LDCs revert their economic downturns inflicted by the current pandemic.
“We are grateful for Japan’s commitment to helping least-developed countries recover from the economic impacts of COVID-19. Their participation in global trade has weakened considerably due to production disruptions, border closures and cancellation of orders. Japan’s contribution will help us ensure that these countries can revive the economic progress made before the crisis“.Ratnakar Adhikari
The EIF is the only multilateral partnership dedicated exclusively to helping LDCs use trade as an engine for growth, sustainable development and poverty reduction. It is a unique global partnership between LDCs, donors and partner agencies, including the WTO, which work together to build trade capacity in LDCs.
EIF works on the trade-related challenges of the world’s poorest countries, assisting them at every stage of the effort needed to leverage trade for sustainable growth and poverty reduction. It covers countries from Africa, Asia, the Pacific and the Americas.
The EIF partnership is structured around the understanding that in order for LDC development to be sustainable, improvements in the trading environment must flow from the countries themselves. This unique approach guarantees full LDC ownership of their trade agenda, and the majority of EIF projects are co-financed by the LDCs themselves.
Together, EIF and LDCs identify sectors with export potential and act on expert advice – all to help countries become more competitive in global markets. Donor participation allows EIF to provide catalytic support to LDCs, and ensures EIF’s work is integrated with bilateral, regional and global efforts.
Donor participation allows EIF to provide catalytic support to LDCs, and ensures EIF’s work is integrated with bilateral, regional and global efforts. Over the last 10 years, EIF has invested more than US$220 million in trade for development initiatives.
Leave a Reply