WORLD BANK AND WTO TO ASSIST DEVELOPING COUNTRIES ON PRODUCT STANDARDS
In a continued effort to link aid with trade opportunities, the World Bank and the WTO on 27 September announced the creation of an initiative –entitled the Standards and Trade Development Facility — to help developing countries by providing funding to help them meet international standards in food safety, and plant and animal health. The fund has been set up to assist developing countries that run into difficulty when their exports do not meet standards in other countries. The World Bank has pledged USD 300,000 to set the fund in motion, while the WTO will assign money from the Doha Development Trust Fund to help launch the project. The Food and Agricultural Association, World Health Organisation, and the World Organisation for Animal Health are also expected to join the World Bank and WTO in the creation of the fund. According to World Bank research, Africa could add USD 1 billion a year from increased exports of nuts, dried fruits, and many other agricultural products. The report also found that African nations could gain USD 410 million a year if developed countries accepted international standards for pesticide residues in bananas, instead of more restrictive national standards.
"World Bank grant kicks off Bank-WTO assistance on standards," WTO NEWS, 27 September 2002.