Members of the World Trade Organization (WTO) are increasingly focused on promoting inclusivity in trade, particularly by enhancing the involvement of women and micro, small, and medium enterprises (MSMEs).
The recently released World Trade Report 2024 highlights the importance of acknowledging the unique challenges faced by MSMEs and women-owned businesses in accessing global trade opportunities. This recognition has led to the formation of the WTO Informal Working Group on MSMEs, as well as a group dedicated to Trade and Gender.
The Informal Working Group on MSMEs serves as a platform for WTO members to share information and experiences, seeking effective strategies to support MSMEs’ participation in international trade. The group’s goal is to improve women’s engagement in global trade, including through the sharing of best practices and leveraging the Aid for Trade initiative.
Furthermore, the report indicated that discussions around inclusive trade are becoming increasingly vital across various WTO committees and working groups. It stated that various trade-related technical and capacity-building programs under the WTO are contributing to efforts aimed at making trade more inclusive.
According to the report, initiatives aimed at poverty reduction, women’s economic empowerment, and MSME engagement are being integrated into the Aid for Trade framework, as well as projects like the Enhanced Integrated Framework (EIF) and the Standards and Trade Development Facility (STDF), which are multilateral partnerships supported by the WTO.
The report also emphasized that trade finance facilitation programs have the potential to substantially benefit MSMEs and women traders by enhancing their ability to engage in international trade.
Earlier this year, the WTO and the International Trade Centre (ITC) introduced the “Women Exporters in the Digital Economy” (WEIDE) Fund, designed to support women in seizing opportunities in international trade and the digital market.