UN ESCAP welcomes new trust fund to promote regional cooperation between East Asia and Latin America
The Foreign Ministers and Heads of Delegations of the member countries of the Forum for East Asia-Latin America Cooperation (FEALAC), meeting in Busan on August 31, 2017, have agreed to strengthen the interconnectivity between the two regions and broaden the areas of cooperation by establishing a FEALAC Fund.
FEALAC has called for strengthening cooperation with international organizations, think tanks, civil society and the private sector, among others, in East Asia and Latin America in order to intensify concerted efforts and effectively conduct projects in various realms.
Attending FEALAC, Dr. Shamshad Akhtar, Executive Secretary of UNESCAP said that “strengthening the partnership between FEALAC and the United Nations Regional Commissions – ESCAP and ECLAC – is a timely initiative as it falls squarely within our brief as UN regional think tanks to provide solid analysis to inform effective multilateral action”.
The FEALAC Fund, unanimously endorsed by the 36 member countries attending the 8th Foreign Minister’s meeting in Busan with expressions of strong support for the role of UN Regional Commissions, will create new opportunities to support enhancement and diversification of trade by promoting innovation and tackling tariff and non-tariff barriers, along with advancing public policies for sustainable growth and development.
“The two regions need to promote and transfer advanced technologies and develop mutually supportive ICT infrastructure, which can help overcome the vast physical distance separating them. Through these efforts, FEALAC can open a new chapter in East Asia-Latin America cooperation,” said United Nations Under Secretary-General and Executive Secretary of ESCAP Dr. Shamshad Akhtar.
“Much potential exists for cooperation in science, technology and innovation as well as green growth policies as key means of implementing the Sustainable Development Goals,” added Dr. Akhtar.
Established 18 years ago, FEALAC brings together 36 countries on two continents accounting for a third of global GDP. Linking these two dynamic regions, FEALAC offers a platform to nurture economic cooperation beyond the ambit of bilateral arrangements.
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