27.12.2006 Official Journal of the European Union L 378/41 REGULATION (EC) No 1905/2006 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 December 2006 establishing a financing instrument for development cooperation THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO- PEAN UNION, Having regard to the Treaty establishing the European Com- munity, and in particular Article 179(1) thereof, Having regard to the proposal from the Commission, Acting in accordance with the procedure laid down in Article 251 of the Treaty (!), Whereas: (1) A new framework for planning and delivering assistance is proposed in order to make the Community’s external assistance more effective. Council Regulation (EC) No 1085/2006 () establishes an Instrument for Pre Accession (IPA) for Community assistance to candidate and potential candidate countries. Regulation (EC) No 1638/2006 () lays down general provisions estab- lishing a European Neighbourhood and Partnership Instrument (ENPI). Council Regulation (EC) No 1934/ 2006 (%) establishes a financing instrument for coopera- tion with industrialised and other high-income countries and territories. Regulation (EC) No 1717/2006 (°) estab- lishes an instrument for stability. Regulation (EC) No .../ 2007 (*) establishes an instrument for nuclear safety cooperation. Regulation (EC) No 1889/2006 (°) estab- lishes a financing instrument for the promotion of democracy and human rights worldwide. Council Regulation (EC) No 1257/96 (') concerns humanitarian aid. This Regulation establishes a financing instrument for development cooperation providing direct support for the Community’s development cooperation policy. ()  The Community pursues a development cooperation policy aimed at achieving the objectives of poverty reduc- tion, sustainable economic and social development and the smooth and gradual integration of developing coun- tries into the world economy. (") Opinion of the European Parliament of 18 May 2006 (not yet published in the Official Journal), Council Common Position of 23 October 2006 (not yet published in the Official Journal) and Position of the European Parliament of 12 December 2006 (not yet published in the Official Journal). () 0JL210, 31.7.2006, p. 82. () OJL310,9.11.2006,p. 1. () OJL405,30.12.2006, p. 40. () OJL327,24.11.2006,p. 1. ( ( ( 2 *) This Regulation will be adopted at a later date. ) OJL 386,29.12.2006, p. 1. ) OJ L 163, 2.7.1996, p. 1. Regulation as amended by Regulation (EC) No 1882/2003 of the European Parliament and of the Council (O] L 284,31.10.2003, p. 1). G) (®) The Community pursues a cooperation policy that fosters cooperation, partnerships and joint undertakings between economic players in the Community and partner coun- tries and regions, and promotes dialogue between poli- tical, economic and social partners in relevant sectors. The Community’s development cooperation policy and international action are guided by the Millennium Devel- opment Goals (MDGs), such as the eradication of extreme poverty and hunger, adopted by the United Nations General Assembly on 8 September 2000, and the main development objectives and principles approved by the Community and its Member States in the context of the United Nations (UN) and other competent interna- tional organisations in the field of development coopera- tion. With a view to policy coherence for development, it is important that Community non-development policies assist developing countries’ efforts in achieving the MDGs in line with Article 178 of the Treaty establishing the European Community. A political environment which guarantees peace and stability, respect for human rights, fundamental freedoms, democratic principles, the rule of law, good governance and gender equality is fundamental to long-term develop- ment. Sound and sustainable economic policies are a prerequi- site for development. The members of the World Trade Organization (WTO) committed themselves at the 4th Ministerial Conference in Doha to mainstreaming trade in development strate- gies and to providing trade-related technical and capacity- building assistance as well as the necessary measures seeking to facilitate the transfer of technology through and for trade, to enhance the relationship between foreign direct investment and trade, and the mutual inter- relation of trade and environment, and to help devel- oping countries take part in new trade negotiations and implement their results.