The Department of Foreign Affairs and Trade (DFAT) has succeeded in achieving its target of increasing aid for trade investments to 20 per cent of the total aid budget, earlier than its 2020 deadline.
The Ministers for Foreign Affairs and Trade, Julie Bishop and Steve Ciobo said aid for trade represented 23.3 per cent of the total aid budget in 2016-17, reflecting its commitment to sustained and inclusive economic growth to reduce poverty.
The Ministers said the Department had now achieved nine of the 10 strategic targets set out in the aid program’s performance framework Making Performance Count: Enhancing the Accountability and Effectiveness of Australian Aid.
“We are also pleased to announce new aid for trade investments worth more than $6.5 million to help developing countries strengthen their engagement in global trade and improve livelihoods,” the Ministers said.
“In partnership with World Vision, the investments will improve access to finance for small businesses in developing countries.
“This partnership will see more businesses succeed in increasing incomes and creating jobs among the poor.”
They said the initiative would also assist developing countries adopt new standards in digital trade and e-commerce, facilitating cross-border transactions, including for small businesses.
“We are committed to using aid to boost developing countries’ participation in the global economy,” Ms Bishop and Mr Ciobo said
“Trade is a driving force behind the economic growth that is estimated to have lifted more than a billion people out of poverty in the Asia-Pacific region since 1990,” they said.
