WTO, ITC dangle K85bnfor women in business

The World Trade Organisation (WTO) and the International Trade Centre (ITC) have unveiled a $50 million (about K85 billion) global fund to help women tap into opportunities in international trade and the digital economy.

The fund was announced yesterday during the 13th Ministerial Conference in Abu Dhabi, United Arab Emirates where women, including those in Malawi, have been urged to participate in trade to be empowered financially.

The Women Exporters in the Digital Economy (Weide) Fund is envisaged to help women-led businesses and women entrepreneurs in developing economies and least-developed countries to adopt digital technologies and expand online presence of their enterprises.

In an interview at the conference, Ministry of Trade and Industry director of trade Charity Msonzo said Malawi recognises the important role women play in trade; hence, there are various initiatives being implemented in the country.

She said: “A lot of initiatives are being implemented to encourage women’s participation in the trade sector. These include providing access to training programmes, as well as networking events specifically tailored to address the challenges faced by women entrepreneurs.”

Msonzo cited She-Trades Initiative and 50 million African Women Speak Networking Platform run through the country’s local women associations.

“As such, the women in business associations will be urged to utilise Weide Fund finance opportunities to grow their businesses,” she said.

Speaking during the launch of the fund, WTO director general Ngozi Okonjo-Iweala said digital trade and more specifically digitally delivered services trade, is the fastest growing segment of international trade, growing at eight percent on average since 2005.

She said: “In the era of digital trade, those who were left behind in the first wave of globalisation have the opportunity to benefit now and do things differently.

“Digitalisation presents us with unprecedented opportunities to empower women entrepreneurs, level the playing field and foster inclusive growth.”

ITC executive director Pamela Coke-Hamilton said access to finance is a key barrier to trade, especially for women in developing countries.

“With this new fund, women entrepreneurs will have the resources they need to do business across borders and online,” she said.

UAE Minister of State for Foreign Trade Thani Ahmed Al Zeyoudi said empowering women in trade is key to unlocking the full potential of global economies.

He said the UAE is allocating $5 million to the fund as its first donor.

“Improving access to finance is essential to that goal. This new fund is a significant step, enabling brilliant women entrepreneurs to find the capital they need to turn ideas into successful and growing companies.

“The UAE is proud to play its part in supporting this vital initiative,” said Al Zeyoudi.

 The launch took place during the WTO-ITC High-Level Event on Women and Trade, a two-day conference on women’s economic empowerment preceding the start of negotiations by the WTO’s highest decision-making body.

The Weide Fund will open for applications from women exporters in the second quarter of 2024.

The summit has gathered more than 250 women entrepreneurs from over 60 countries.

Participants are discussing concrete solutions to the challenges facing women entrepreneurs and exploring opportunities for women to access new markets in an increasingly green and digital global trading system.