Members of the World Trade Organization (WTO) are increasingly engaged in discussions focused on making trade more inclusive, particularly by promoting the involvement of women and micro, small, and medium-sized enterprises (MSMEs) in global trade.
The recently launched World Trade Report 2024 in Geneva highlights the unique challenges faced by MSMEs and women-owned businesses in accessing international trade and utilizing it for economic empowerment. This recognition has led to the formation of the WTO Informal Working Group on MSMEs and another focused on Trade and Gender.
The MSME working group serves as a platform for WTO members to share information and experiences aimed at enhancing the participation of these enterprises in the global trade arena. It seeks to boost women’s roles in international trade by exchanging best practices and examining how women can take advantage of initiatives like Aid for Trade.
The report emphasizes that conversations surrounding inclusive trade have gained traction in various WTO committees and working groups. It also mentions several trade-related technical and capacity-building initiatives within the WTO that aim to make trade more inclusive.
According to the WTO’s flagship publication, “Poverty reduction, women’s economic empowerment, and MSME involvement are increasingly being woven into the Aid for Trade framework and projects under the Enhanced Integrated Framework (EIF) and the Standards and Trade Development Facility (STDF),” which are multilateral collaborations backed by the WTO.
Additionally, it was noted that trade finance facilitation programs could greatly benefit and boost international trade for both MSMEs and women traders. Earlier this year, the WTO in partnership with the International Trade Centre (ITC) introduced the “Women Exporters in the Digital Economy” (WEIDE) Fund, aimed at helping women seize opportunities in the realm of international trade and digital commerce.