World Trade Board launches financial inclusion in trade roadmap to improve trade finance for MSMEs
The plan is developed out of contributions from industry bodies and international stakeholders.
The World Trade Board has launched the financial inclusion in trade roadmap to improve the access to trade finances for micro, small and medium-sized enterprises (MSMEs).
The plan is developed taking into consideration the contributions from industry bodies and international stakeholders.
This roadmap identifies five key areas, denoting that "coordinated action" on the same can lead to a significant impact.
These areas include a focus on increasing the adoption of digital infrastructure; supporting the adoption or alignment of legal/regulatory infrastructure; enhancing data infrastructure, gaining access to trade receivables-related data points to update traditional credit decisioning methods; supporting technical learning among financial institutions and MSMEs on aspects associated with legal, digital, and data infrastructure; and creating an infrastructure for encouraging investments in credible MSME trade finance assets.
The idea is to advance the pace of change through the provision of a holistic framework for public and private sector partnership, read a press statement shared by Zawya.
World Trade Board is open to feedback on the roadmap. It will also look at possible partnerships with the industry for further implementation, said Michael Vrontamitis, Deputy Chair of the World Trade Board.
The roadmap can be found on the World Trade Symposium website. Feedback can be sent to [email protected].
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Edited by Akanksha Sarma
