The World Trade Organization (WTO) has recently announced a significant $50 million fund intended to support female entrepreneurs. The announcement, made in anticipation of the WTO’s 13th ministerial conference, set to begin on February 29 in the United Arab Emirates, aims to empower women worldwide through financial support and access to digital technologies.
According to the Director-General of the WTO, Ngozi Okonjo-Iweala, the fund represents a significant step in promoting gender equality and women’s economic participation. The initiative aims to address the financial challenges often faced by women-owned businesses, particularly those in developing countries. Okonjo-Iweala emphasized the need for innovative solutions to bridge the financial gap for female entrepreneurs, enabling them to take advantage of the opportunities presented by global trade.
The UAE, host of the 13th Ministerial Conference, has pledged its support by contributing $10 million to the fund. Additionally, the country’s Minister of State for Foreign Trade, Thani Al Zeyoudi, highlighted the vital role of women entrepreneurs in propelling economic growth and stressed the need to celebrate and bolster their contributions.
Moreover, Saudi Arabian Minister of Commerce, Majid al-Kasabi, expressed unwavering dedication to advancing female empowerment, deeming the initiative a pivotal milestone. The collective commitment from various nations underscores the significance of fostering a conducive environment for women in the business landscape.
In an effort to strengthen the global trading system, the UAE has allocated the grant towards initiatives such as the Enhanced Integrated Framework (EIF), the Fisheries Funding Mechanism, and the Women Exporters in the Digital Economy (WEIDE) Fund. These endeavors are instrumental in promoting sustainable and inclusive trade, particularly for Developing and Least Developed Countries (LDCs).
The EIF, the only multilateral partnership exclusively dedicated to assisting LDCs, operates alongside governments and development organizations to leverage trade for growth and poverty reduction. Additionally, the Fisheries Funding Mechanism, established in 2022, aims to provide technical assistance and capacity building to aid Member States in complying with fisheries subsidies regulations. Notably, the WEIDE Fund, a joint initiative by the WTO and the International Trade Center, aims to use digitalization to enhance the competitiveness of women-led businesses and open up new export opportunities.
Furthermore, the UAE’s commitment to hosting the 13th Ministerial Conference underscores the nation’s pivotal role in global trade. The event serves as a platform for world leaders and representatives to engage in critical negotiations and deliberate on enhancing the rules of the global trading system. Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs, has expressed optimism regarding the conference, noting the increased momentum within the international trade community.
Overall, the launch of the $50 million fund signifies a significant step towards fostering a conducive environment for women entrepreneurs worldwide. With the unwavering support of various nations and the firm dedication to gender equality, the initiative is poised to drive meaningful change in the realm of international trade and commerce.
Sources:
WTO
UAE Ministry of Foreign Affairs
Parks Canada
+ There are no comments
Add yours