UK announces two new 'aid-for trade' facilities for low-income countries impacted by COVID-19
The UK Ambassador to the World Trade Organisation (WTO), Julian Braithwaite, announced the establishment of two new 'aid-for-trade' facilities for poor countries impacted by the COVID-19 crisis. He made the announcement at the WTO’s General Council on Friday, May 15th, 2020.
The first facility is through the UK's Department for International Development’s (DFIF) Trade and Investment Advocacy Fund (TAF2+), which is aimed at supporting countries in:
- Conducting research to track the trade impacts of COVID-19;
- Informing the WTO of any trade-related measures taking place as a result of COVID-19; and
- Engaging in virtual WTO meeting platforms.
The second is through the World Bank’s Trade Facilitation Support Programme (TFSP), which the UK is helping to fund. This program is aimed at helping vulnerable countries maintain trading despite the challenges arising as a result of the COVID-19 crisis.