In a compelling address at the “Women in Trade” event in London on March 7, Deputy Director-General Johanna Hill of the World Trade Organization (WTO) shed light on the transformative impact digital trade and services sector can have on women’s socio-economic status. The event, hosted by Trade Finance Global, became a platform for advocating the inclusion of women in the evolving landscape of international trade.
DDG Hill pointed out the critical juncture at which the global trading system stands, stressing the need to sculpt a future that enhances women’s economic participation. She underscored the significance of digital trade and services as pivotal forces in shaping this future, offering insights into how these sectors can contribute to women’s empowerment.
Highlighting the plight of female coffee and cocoa farmers, Hill illustrated how blockchain technology is revolutionizing their access to new markets and financial services. Despite the challenges posed by low commodity prices, digital platforms are enabling these farmers to secure fair prices for their products, showcasing the potential of digital trade to mitigate gender-specific barriers.
Digital trade, according to DDG Hill, opens doors to global markets and flexible employment opportunities for women, eliminating traditional barriers associated with time and mobility. Furthermore, it facilitates access to financial services, bypassing conventional obstacles to capital. With the assistance of digital technologies, women can overcome limitations rooted in gender bias.
Turning her focus to the services sector, Hill emphasized its importance for the economic inclusion of women, pointing out that the majority of women are employed in this sector. The success of women-led firms in services, especially those operating digitally, suggests a potential easing of gender-specific barriers to entrepreneurship.
However, challenges remain, as trade in services is not free from bias. Hill referenced a report indicating higher trade costs in female labor-intensive services, underlining the need for improved regulatory frameworks to narrow the wage gap for women.
DDG Hill also highlighted several initiatives aimed at promoting women’s economic inclusion in trade, including new WTO rules to reduce services trade costs, efforts to enhance access to finance for female entrepreneurs, and the establishment of the Women Exporters in the Digital Economy (WEIDE) Fund.
As the world moves towards a more inclusive trade environment, the initiatives and insights shared by DDG Hill at the “Women in Trade” event underline the critical role of digital trade and the services sector in empowering women economically.
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