The European Community (EU) and Pacific island leaders agreed here Thursday to support for a project on Facilitating of Agriculture Commodity Trade (FACT) in Pacific countries.
The agreement was signed by the European Commissioner for Development and Humanitarian Aid, Louis Michel, and Secretary General of the Pacific Islands Forum (PIF), Greg Urwin on the occasion of the PIF meeting which was held on Oct. 16-17.
According to the agreement, the four-year project worth in total 4.225 million euros will be implemented by the Secretariat of Pacific Community. The EU provides 4 million euros that is to be allocated to a project targeting agricultural trade which is consistent with the policy objective of the Regional Strategy Paper as well as the Cotonou Agreement in addressing poverty.
The objectives of the project are very relevant to the Pacific Region. Revenue from increased trade is expected to alleviate rural poverty, provide opportunities for rural communities that represent 40-80 percent of Pacific Island populations and reduce urban drift.
FACT will contribute to increased agricultural commodity trade by Pacific states by working with selected enterprises within the existing commercial farming and forestry sector to improve their supply chains.
Source:Xinhua
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