In its resolution 68/279, the General Assembly requested that the first draft of the outcome document of the Third International Conference on Financing for Development (13-16 July 2015, Addis Ababa, Ethiopia) be prepared by the co-facilitators on the basis of informal consultations, taking into account inputs from Member States, and presented by February 2015, and that informal consultations and drafting sessions on the outcome document be held in January, April and June 2015.

Pursuant to their letter of 28 April 2015, the Co-Facilitators for the preparatory process of the Third International Conference on Financing for Development, H.E. Mr. George Talbot, Permanent Representative of Guyana, and H.E. Mr. Geir O. Pederson, Permanent Representative of Norway, presented the revised Draft Outcome Document on 6 May 2015 which, as agreed, will serve as the basis of further consultations from 11-15 May. The revised Draft is based on views and comments on the Zero Draft during the Second Drafting Session (April 13-17), the joint session on means of implementation with the Post 2015 Development Agenda process (April 21-24) and the written inputs received.

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Revised draft, 6 May 2015

Action Agenda: International trade as an engine for development

We will continue to promote a universal, rules-based, open, non-discriminatory and equitable multilateral trading system under the World Trade Organization (WTO). Such a trading system, as well as meaningful trade liberalization; can serve as an engine of inclusive economic growth, not least by encouraging long-term private and investment in productive capacities, reduce poverty and promote sustainable development. With appropriate supporting policies, infrastructure and an educated work force, trade can help promote employment, decent work and women's empowerment, reduce inequality and contribute to the realization of the SDGs.

We recognize that the multilateral trade negotiations in the WTO have progressed slowly, although we regard the approval ofthe Bali Package in 2013 as an important achievement. We reaffirm our commitment to strengthening the multilateral system, and we commit to building coherence between bilateral and regional trade and investment agreements and the multilateral system. We call on members of the WTO to fully and expeditiously implement the Bali Package, including the decisions taken in favour of LDCs and the work programme on small and vulnerable economies. WTO members in a position to do so should provide commercially meaningful preferences for LDC services and service suppliers in the context of the Bali decision on the LDCs services waiver. We note that the Agreement on Trade Facilitation is of particular importance for LLDC trade.

Since the Monterrey Consensus, developing countries have significantly increased their share in world exports. South-South trade in particular has increased, partly due to the development of global value chains. At the same time, LDC and LLDC participation in world trade in goods and services remains low and world trade seems challenged to return to the buoyant growth rates seen before the global financial crisis. We will endeavour to significantly increase world trade in a manner consistent with the SDGs, including exports from developing countries, in particular from LDCs, with a view towards doubling their share of global exports by 2020. We will integrate sustainable development into trade policy at all levels, including sustainable development provisions in both trade and investment agreements. We will assess the sustainability impact of our trade agreements and their impact on developing countries, particularly LDCs. We welcome relevant multilateral and plurilateral initiatives, such as the negotiation to liberalize trade in environmental goods and services. We strongly support engagement of SIDS in trade and economic agreements, taking into consideration existing special and differential treatment provisions, as appropriate, and taking note of the work conducted to date under the work programme on small economies of the WTO.

As a means of fostering growth in global trade, we call on WTO members to redouble their efforts to promptly conclude the negotiations on the Doha Development Agenda and to recommit to placing the interests and concerns of developing countries at the heart of these negotiations. We commit to combat protectionism. In accordance with the mandate of the Doha Development Agenda we will correct and prevent trade restrictions and distortions in world agricultural markets, including through the parallel elimination of all forms of agricultural export subsidies and all export measures with equivalent effect. We also commit to strengthen disciplines on subsidies in the fisheries sector, including through the prohibition of certain forms of subsidies that contribute to over-capacity and overfishing. We welcome the 2012 rules for WTO accession, and urge WTO members to commit to implement them in a way compatible with expeditious accession of all developing countries, in particular LDCs, engaged in negotiations for membership in the WTO.

Members of the WTO will implement the principle of special and differential treatment (S&D) for developing countries, in particular LDCs. We welcome the establishment of the monitoring mechanism to review and analyse implementation of specific S&D provisions, as agreed in Bali, including consideration of challenges faced by developing countries in utilizing those provisions. Given the unique and particular vulnerabilities in SIDS, we will support their further integration regionally and in world markets.

Members of the WTO will realize timely implementation of duty-free and quota-free market access for products originating from the LDCs on a lasting basis, consistent with WTO decisions. We will also take steps to facilitate market access for LDC products including by ensuring simple and transparent rules of origins applicable to imports from LDCs, in accordance with the guidelines adopted by WTO members at the Bali ministerial conference in 2013. We support WTO members in taking advantage of the flexibilities in the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs) to further the public interest in sectors of vital importance for sustainable development, including public health, in particular to provide access to affordable essential medicines and vaccines for all. To this end, we would urge all WTO Members that have not yet accepted the amendment of the WTO TRIPS Agreement allowing improved access to affordable medicines for developing countries to do so.

We recognize the significant potential of regional economic integration to promote growth and sustainable development, and commit to strengthen regional cooperation and regional trade agreements and to ensure the consistency of trade and investment agreements with the multilateral system. We urge the international community to increase its support to projects and cooperation frameworks that foster regional integration and that enhance participation in global value chains, and call on MDBs, including regional banks, in collaboration with other stakeholders, to address gaps in trade, transport and transit related regional infrastructure, including to complete missing links connecting LLDCs within regional networks.

Recognizing that international trade and investment offers opportunities but also requires complementary actions at the national level, we call on all countries to ensure domestic enabling environments and implement sound domestic policies and reforms conducive to realising the potential of trade for sustainable development. Aid for Trade can playa major role in this aspect. We will increase Aid for Trade support and aim to allocate 50 per cent to LDCs provided according to development effectiveness principles, including through the Enhanced Integrated Framework for Trade-Related Technical Assistance to LDCs. We also welcome additional cooperation among developing countries to this end. Recognizing the critical role of women as producers and traders we will address their specific challenges in order to facilitate women's' equal and active participation in trade decision-making processes and structures.

We will carry out negotiation and implementation of trade and investment agreements in a transparent manner and ensure that trade and investment treaties do not constrain domestic policies for sustainable development. We will strengthen safeguards in investment treaties to ensure that the goal of protecting and encouraging investment does not affect the ability of countries to pursue public policy objectives and their right to regulate is retained in areas critical for sustainable development. We commit to support capacity building, in particular in LDCs in order to benefit from opportunities in international trade and investment agreements.

We also recognize that illegal wildlife trade, including fishing and logging, and illegal mining are a challenge for many countries and create substantial damage, including lost revenue. We agree to strengthen national regulation and international cooperation, and to enhance global support for efforts to combat poaching and trafficking of protected species, dumping of hazardous waste, and illegal trade in minerals, including by increasing the capacity of local communities to pursue sustainable livelihood opportunities. We agree to take actions to enhance and implement the monitoring, control and surveillance of fishing vessels so as to effectively prevent, deter and eliminate illegal, unreported and unregulated fishing, including through institutional capacity building.