UN ESCAP welcomes new trust fund

The Foreign Ministers and Heads of Delegations of the member countries of the Forum for East Asia-Latin America Cooperation, FEALAC, 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 organisations, 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.

Dr. Shamshad Akhtar, Executive Secretary of UNESCAP has 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.

Source: Wam