Members of the World Trade Organization (WTO) are increasingly engaging in discussions aimed at making trade more inclusive, with a particular focus on enhancing the involvement of women and micro, small, and medium enterprises (MSMEs) in trade activities.
The recently released World Trade Report 2024 in Geneva highlights the recognition of the unique challenges faced by MSMEs and women-owned businesses in participating in global trade. This acknowledgment has led to the formation of the WTO Informal Working Group dedicated to MSMEs as well as trade and gender initiatives.
This Informal Working Group serves as a platform for WTO members to exchange information and experiences related to better supporting the integration of MSMEs into the global trade system. One of its primary objectives is to increase women’s involvement in international trade by sharing best practices and exploring opportunities for women to benefit from the Aid for Trade initiative.
The report notes that the topic of inclusive trade has gained considerable importance across various WTO committees and working groups. It indicates that several trade-related technical assistance and capacity-building initiatives within the WTO are aiding in the promotion of more inclusive trade practices.
Furthermore, it emphasizes that efforts towards poverty alleviation, the economic empowerment of women, and the participation of MSMEs are becoming increasingly embedded in Aid for Trade frameworks, as well as in projects associated with the Enhanced Integrated Framework (EIF) and the Standards and Trade Development Facility (STDF), which are supported by the WTO.
The publication underlines that trade finance facilitation programs have the potential to greatly benefit and boost international trade for both MSMEs and women traders. Earlier this year, the WTO in collaboration with the International Trade Centre (ITC) initiated the “Women Exporters in the Digital Economy” (WEIDE) Fund, designed to help women access opportunities in international trade and the digital economy.