In a landmark initiative, the World Trade Organization (WTO) and the International Trade Centre (ITC) have announced the launch of a USD 50 million global fund aimed at enabling women to harness opportunities in international trade and the digital economy. The unveiling of the Women Exporters in the Digital Economy (WEIDE) Fund occurred today, coinciding with the 13th Ministerial Conference in Abu Dhabi, United Arab Emirates.
The WEIDE Fund is designed to assist women-led businesses and entrepreneurs in developing economies and least-developed countries in adopting digital technologies and expanding their online presence. With digital trade emerging as the fastest-growing segment in international trade, this initiative aims to empower women entrepreneurs and foster inclusive growth.
WTO Director-General Ngozi Okonjo-Iweala emphasized the transformative potential of digitalization, stating that it offers unprecedented opportunities to empower women entrepreneurs and promote inclusive growth.
Echoing this sentiment, ITC Executive Director Ms. Pamela Coke-Hamilton highlighted the critical role of access to finance in facilitating trade for women in developing countries. The WEIDE Fund is poised to address this key barrier and provide women entrepreneurs with the resources needed to engage in cross-border trade and digital commerce.
The United Arab Emirates (UAE) has pledged USD 5 million as the first donor to the Fund, underlining its commitment to empowering women in trade and fostering economic growth.
The launch of the WEIDE Fund coincided with the WTO-ITC High-Level Event on Women and Trade, where global leaders convened to discuss women's economic empowerment and the future of international trade. The Fund will begin accepting applications from women exporters in the second quarter of 2024, with further details on the application process to be provided soon.
In addition to the launch of the Fund, the WTO and ITC hosted the SheTrades Summit, bringing together women entrepreneurs, business leaders, and international development partners to explore solutions for advancing women's participation in global trade. The event also saw the extension of ITC's collaboration with the Dubai Economic Development Corporation and the signing of a memorandum of understanding with the Nigerian Export Promotion Council to continue hosting SheTrades Hubs, further expanding opportunities for women in trade worldwide.
