Time to transform trade practices: promoting sustainable, eco-friendly deals
National trade promotion agencies are pivotal in fostering business resilience and promoting sustainable trade, particularly during crises such as the current pandemic. Due to unstable global markets and supply chain disruptions, many businesses struggle to find new sources for goods and services, resulting in a rise of inflation and economic challenges for small firms with limited reserves.
Amid these tumultuous times, it's crucial for us to support small businesses so they can weather crises more effectively. Normalcy may be elusive, considering ongoing crises such as climate change, biodiversity loss, pollution, and food insecurity. National trade promotion organizations are uniquely positioned to help transition societies towards prosperity, given their role in building domestic businesses, creating jobs, and developing the hope for future generations.
They possess valuable local knowledge, connections, and experience that enable them to assist people in starting businesses, growing, and thriving in the global market. However, it's not just any trade that is needed; rather, we should strive for 'good trade' that is truly sustainable and far-reaching.
The pandemic has made it starkly clear that 'good trade' emphasizing inclusive value chains, non-traditional exports, regional ties, green economies, and resilient micro, small, and medium-sized enterprises (MSMEs) is essential. In Ghana, the concept of sustainable trade or a green economy remains a relatively new idea for many young businesses. The Ghana Export Promotion Authority takes on the responsibility of encourageding understanding and adoption of these practices among MSMEs, promoting business continuity and success.
During the pandemic and its aftermath, many small firms in Ghana utilized capacity-building programs to their advantage, with the Ghana Export Promotion Authority offering educational modules on green business practices focusing on resource efficiency, circular economy, sustainability standards, e-commerce, and access to finance. The goal is to empower businesses to compete effectively in international markets and participate more sustainably within global value chains.
Research by the International Trade Centre indicates that firms tend to do better when they have access to networks and market information from business support organizations. In fact, countries with such organizations have more exporters than those without, and engaged firms are three times more likely to export their goods. As a result, trade promotion agencies play an essential role in improving businesses' competitiveness and enabling their participation in sustainable global value chains.
To propel 'good trade' forward, collaborative, digital, and sustainable solutions are essential. Recognizing outstanding national trade development agencies' initiatives is important in helping other countries learn from successes and be inspired to follow in their footsteps. On May 17-18, the World Trade Promotion Organizations Conference and Awards will take place in Accra, shedding light on outstanding trade promotion agencies and showcasing innovative initiatives that prioritize digital, sustainable, and partnership-based solutions.
The International Trade Centre's Executive Director, Ms. Pamela Coke-Hamilton, noted that these unsung champions deserve recognition so that countries everywhere can be inspired to embrace sustainable trade and reap its many benefits. In an increasingly interconnected world, the positive impact of trade promotion organizations will be felt far and wide as they contribute to a more resilient and equitable global economy.
- National trade promotion agencies are crucial in promoting sustainable trade and fostering business resilience, particularly during crises like the current pandemic.
- Among the numerous challenges facing small businesses today, such as unstable markets and supply chain disruptions, climate change and food insecurity are significant issues that deserve attention.
- The Ghana Export Promotion Authority has taken responsibility for encouraging the understanding and adoption of sustainable trade practices among small and medium-sized enterprises (MSMEs), such as green economies and resource efficiency.
- Research shows that businesses tend to perform better when they have access to networks and market information from business support organizations, which can lead to increased exports.
- The World Trade Promotion Organizations Conference and Awards will take place in Accra on May 17-18, where outstanding national trade development agencies and their innovative initiatives will be recognized.
- Implementing digital, sustainable, and partnership-based solutions is essential for promoting 'good trade' that is inclusive, environmentally friendly, and resilient.
- By recognizing the initiatives of trade promotion agencies and highlighting their successes, countries everywhere can be inspired to embrace sustainable trade and reap its many benefits, contributing to a more resilient and equitable global economy.
