Members of the World Trade Organization (WTO) are increasingly engaging in discussions focused on making trade more inclusive, particularly by promoting the involvement of women and micro, small, and medium enterprises (MSMEs) in global commerce.
This week, the World Trade Report 2024 was launched in Geneva, highlighting the acknowledgment of the unique challenges faced by MSMEs and women-owned businesses in integrating into global trade and leveraging it for economic empowerment. One outcome of this recognition is the formation of the WTO Informal Working Group on MSMEs and Trade and Gender.
The Informal Working Group serves as a platform for sharing information and experiences to better support MSMEs’ participation in international trade. Its objectives include enhancing women’s roles in global trade by exchanging best practices and examining how women can benefit from initiatives like Aid for Trade.
The report emphasized that discussions regarding inclusive trade are gaining traction in various WTO committees and working groups. Numerous trade-related technical and capacity-building initiatives within the WTO are also working towards making trade more accessible.
According to the WTO’s flagship publication, poverty alleviation, women’s economic empowerment, and MSME participation are becoming integral components of Aid for Trade, as well as of initiatives supported by the Enhanced Integrated Framework (EIF) and the Standards and Trade Development Facility (STDF).
Moreover, trade finance facilitation programs are recognized for their potential to significantly enhance international trade opportunities for MSMEs and women traders.
Earlier this year, the WTO and the International Trade Centre (ITC) established the “Women Exporters in the Digital Economy” (WEIDE) Fund, aimed at helping women access opportunities in international trade and engage with the digital economy.