L 77/44 Official Journal of the European Union 15.3.2014 REGULATION (EU) No 233/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 March 2014 establishing a financing instrument for development cooperation for the period 2014-2020 THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 209(1) and 212(2) thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Having regard to the opinion of the Committee of the Regions ('), Acting in accordance with the ordinary legislative procedure (?), Whereas: (1) This Regulation forms part of the Union’s development cooperation policy and constitutes one of the instru- ments providing support for the Union's external poli- cies. It replaces Regulation (EC) No 1905/2006 of the European Parliament and of the Council (*), which expired on 31 December 2013. (2)  The fight against poverty remains the primary objective of the development policy of the Union, as laid down in Title V, Chapter 1 of the Treaty on European Union (TEU) and Title I, Chapter 1 of Part Five of the Treaty on the Functioning of the European Union (TFEU), in line with the Millennium Development Goals (MDGs) and other internationally agreed development commit- ments and objectives approved by the Union and by the Member States in the context of the United Nations (UN) and other competent international fora. (3)  The joint statement by the Council and the representa- tives of the governments of the Member States meeting within the Council, the European Parliament and the Commission on European Union Development Policy: ‘The European Consensus’ () (the ‘European Consensus’), and agreed modifications thereto, provides the general policy framework, the orientations and the focus to guide the implementation of this Regulation. () 0JC391,18.12.2012, p. 110. (3) Position of the EuroFean Parliament of 11 December 2013 (not yet ficial Journal) and decision of the Council of published in the O 11 March 2014. (*) Regulation (EC) No 1905/2006 of the European Parliament and of the Council of 18 December 2006 establishing a financing instrument for development cooperation (O] L 378, 27.12.2006, p. 41). () O] C46,24.2.2006,p. 1. &) Over time, Union assistance should contribute to redu- cing aid dependence. The Union’s action on the international scene is to be guided by the principles which have inspired its own creation, development and enlargement, and which it seeks to advance in the wider world, namely democracy, the rule of law, the universality and indivisibility of human rights and fundamental freedoms, respect for human dignity, the principles of equality and solidarity and respect for the principles of the United Nations Charter and international law. The Union is to seck to develop and consolidate commitment to those principles in partner countries, territories and regions through dialogue and cooperation. In pursuing those principles, the Union proves its added value as an actor in develop- ment policies. In implementing this Regulation, and in particular during the programming process, the Union should have due regard to the priorities, objectives and benchmarks in human rights and democracy established by the Union for partner countries, in particular its human rights country strategies. Respect for human rights, fundamental freedoms, the promotion of the rule of law, democratic principles, transparency, good governance, peace and stability and gender equality are essential for the development of partner countries, and those issues should be main- streamed in the Union’s development policy, particularly in programming and in agreements with partner coun- tries. Aid effectiveness, greater transparency, cooperation and complementarity and better harmonisation, alignment with partner countries, as well as coordination of proce- dures, both between the Union and the Member States and in relations with other donors and development actors, are essential for ensuring the consistency and rele- vance of aid whilst at the same time reducing the costs borne by partner countries. Through its development policy, the Union is committed to implementing the conclusions of the Declaration on Aid Effectiveness adopted by the High Level Forum on Aid Effectiveness, held in Paris on 2 March 2005, the Accra Agenda for Action adopted on 4 September 2008 and their follow- up Declaration adopted in Busan on 1 December 2011. Those commitments have led to a number of conclusions of the Council and of the Representatives of the Govern- ments of the Member States meeting within the Council,