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PRIME MINISTER
HELPING DEVELOPING COUNTRIES BENEFIT FROM GLOBALISATION
Australia will contribute $ 1.5 million over 3 years to set up a new international trade
and access facility under the Commonwealth umbrella.
The facility would assist countries with the process of adjusting to and taking
advantage of the opportunities of globalisation.
The theme for this year's CHOGM, Trade, Investment and Development : the Road to
Commonwealth Prosperity, recognises the profound effects of increasing global
integration for developing and developed countries alike.
Globailisation is helping break down barriers to trade and investment,' underpinned by
technological changes bringing the world closer together. But not all countries have
benefited to the same degree.
The new facility will help countries identify and manage the potential economic and
social impacts of trade and investment liberalisation and identify' new sources of
revenue and market opportunities responding directly to the concerns of many
developing countries about opening up to the global economy.
It will also help them fuilfil WTO requirements and meet their other international traderelated
obligations.
The facility, to be administered under the Commonwealth F~ und for Technical
Co-operation, will be developed to complement other assistance, including that
provided through the WTO/ UJNCTAD and the South Pacific Forum.
24 October 1997