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1. The European Training Foundation (hereinafter referred to as the ‘Foundation’) is hereby established. The objective of the Foundation shall be to contribute, in the context of EU external relations policies, to improving human capital development, in the following countries:

(a) the countries eligible for support under Regulation (EC) No 1085/2006 and subsequent related legal acts;

(b) the countries eligible for support under Regulation (EC) No 1638/2006 and subsequent related legal acts;

(c) other countries designated by decision of the Governing Board on the basis of a proposal supported by two-thirds of its members and a Commission opinion, and covered by a Community instrument or international agreement that includes an element of human capital development, and as far as available resources allow. The countries referred to in points (a), (b) and (c) shall be designated as the ‘partner countries’.

2. For the purpose of this Regulation, ‘human capital development’ shall be defined as work which contributes to the lifelong development of individuals' skills and competences through the improvement of vocational education and training systems.

3. In order to achieve its objective, the Foundation may provide assistance to partner countries in:

(a) facilitating adaptation to industrial changes, in particular through vocational training and retraining, (b) improving initial and continuing vocational training in order to facilitate vocational integration and reintegration into the labour market, (c) facilitating access to vocational training and encouraging the mobility of instructors and trainees and particularly young people, (d) stimulating cooperation on training between educational establishments and firms, (e) developing exchanges of information about and experience in issues common to the training systems of the Member States, (f) increasing the adaptability of workers, particularly through increased participation in education and training in a lifelong learning perspective, (g) designing, introducing and implementing reforms in education and training systems, in order to develop employability and labour market relevance.