Speech by EU Commission President Barroso - Financing for Development

Summary: Speech by EU Commission President Barroso - Financing for Development: Facing up to the Challenge of our Generation (14 September 2005: New York)

Speech by José Manuel Barroso, President of the European Commission, at the UN Summit Special Plenary on FfD, New York

Financing for Development: Facing up to the Challenge of our Generation

Ladies and gentlemen,

Why are we here today? To voice public concern for the more than 1 billion people still living in extreme poverty? Or to go beyond words, and - to turn this into the breakthrough summit where the whole world showed its refusal to accept death by poverty in a world of plenty?

The stakes are high. Some 25,000 people are dying every day because they do not have enough to eat or clean water to drink. Ending this is the challenge of our generation. We have the resources to win this war on want. Now, this week in New York, we can show we have the will to win it as well.

The European Union has taken a lead here. We already account for 55% of all official development aid spent worldwide. This summer we agreed to go further, nearly doubling overseas aid between 2004 and 2010. At least 50% of this increase will be targeted on Africa.

Why have we done this? Because the UN's long-standing 0.7% target for official development assistance is an achievable target, not an aspirational goal. And it is a target with a purpose - ending extreme poverty.

But this is also about offering better and more effective aid. It is about policy coherence, improved delivery, untying aid. In all these areas the European Union has shown its determination to turn worthy aspirations into action.

However, no developing country ever became a developed country on aid alone. International trade is an incredibly powerful engine for sustainable development.

A one percentage point increase in Africa's share of global trade would deliver four or five times more income every year than the continent currently receives in aid.

That's why Europe's Everything But Arms initiative allows all goods imported from the world's least developed countries except munitions to enter the EU completely free of duties or quotas.

That's why the European Union is the world's biggest provider of trade-related assistance, to help developing countries to fully exploit market access opportunities, and develop their trading capacity. At the G8 Summit this summer I pledged to increase this trade assistance still further, to EUR1 billion a year.

Aid and trade will help those countries whose governments assume responsibility for their own development. EU aid supports governments in their efforts to mobilise domestic resources, implement effective national development policies, put in place accountable governance structures, and uphold human rights and the rule of law. That is essential. Development is about human beings, not just economic theory. And the universal promotion and protection of their rights is an essential, global value.

If others match Europe's increased aid, and trade and development initiatives; if we can support a successful conclusion to the Doha Development Round of world trade negotiations; if developing countries deliver on their side of the bargain; then I firmly believe that achieving the Millennium Development Goals will be within our grasp.

The choice before us today, is clear. To close our eyes. Or to redouble our efforts. Europe has shown a lead. We can, we will do more. I hope, I know that others will join us.

Thank you.

Ref: SP05-412EN
EU source: European Commission
UN forum: Other
Date: 14/9/2005

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