The Council reached an agreement in order to amend certain EU financial instruments for developing countries. The decisions modify the EU's financing instrument for cooperation with industrialised and other high-income countries. The funds can now be used for cooperation with developing countries in addition to the original 46 countries in Latin America, Asia and the Middle East, which included Brazil, China, India and Iraq. The decisions must still be formally adopted by the European Parliament before entering into force.
 

The Council approved to amend certain EU financial instruments for developing countries. In particular, the decisions modify the EU's financing instrument for cooperation with industrialised and other high income countries ("ICI plus"). The funds can now be used for cooperation with developing countries in addition to the original 46 countries in Latin America, Asia and the Middle East, which included Brazil, China, India and Iraq.

This programme supports in particular the promotion of economic partnership and market access for European companies. In addition, it also contributes to actions concerning public diplomacy and people to people links, for instance the Erasmus mundus programme for exchanges among students and higher education institutions between the EU and those states. Over the period 2007-2013, the budget of the instrument amounts to €176 million.

New modalities for supporting the adjustment of banana producers in ACP states to trade liberalisation are setting in the new law, with an emphasis on vulnerable groups. This follows a reduction of EU tariff preferences for them after an agreement at the WTO. Moreover, technical changes to the EU's development cooperation instrument (DCI) and the European instrument for democracy and human rights (EIDHR) were also agreed so as to harmonise provisions in all EU financial instruments for external action. This will allow limited flexibility, on a case-by-case basis, to use these instruments to finance taxes, duties and other charges, which will not be permitted in principle.