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~ Financial Inclusion in Trade Roadmap’ provides a holistic framework for public and private sector collaboration to accelerate change
India, 28th March 2023 – CredAble has contributed to the World Trade Board’s new plan to drive greater access to trade finance for MSMEs, the Financial Inclusion in Trade Roadmap. Launched today for consultation, the plan identifies five key areas where coordinated action can make a significant impact. Crucially, the Roadmap aims to accelerate the pace of change by providing a holistic framework for public and private sector collaboration.
MSMEs make up around 90% of businesses globally, but accounted for just 23% of applications for trade finance in 2020. Despite their low representation, these smaller firms made up 40% of rejected trade finance applications. This mismatch between demand for and supply of trade financing, known as the trade finance gap, is growing rapidly – from an estimated $1.5 trillion in 2018 to $2 trillion in 2022, and shows no signs of slowing.
Michael Vrontamitis, Deputy Chair of the World Trade Board, said: “Difficulty accessing finance means MSMEs are greatly under-represented in global trade. Many good ideas to increase financial inclusion have been put into action, but to accelerate progress we need to harness the knowledge and technology available to us into collective action. Our framework aligns diverse stakeholders towards a common vision, with clear lines of responsibility in a results-driven approach. We now invite the industry to provide feedback that will improve the Roadmap, then partner with us on implementation.”
Nirav Choksi, Co-founder & CEO – CredAble added: “Today, most MSMEs operate in a fragmented manner and on a limited scale. They struggle to capitalize on global trade opportunities. We are delighted to collaborate with World Trade Symposium for ‘The Financial Inclusion in Trade Roadmap’. The overarching vision is to accelerate the collaboration among stakeholders within the global trade ecosystem and deliver tangible benefits to MSMEs by ensuring equitable access to trade finance. For years now, CredAble has been at the forefront of shaping the future of working capital financing, with associations like these, we’re taking a huge stride forward and hope to make financing more seamless and easily accessible by MSMEs in a tech-enabled format.”
Writing in the Roadmap’s foreword, Pascal Lamy, Coordinator of the Jacques Delors Think Tanks, President of the Paris Peace Forum and Strategic Advisor to the World Trade Board, notes: “When it comes to the gaps in the provision of trade finance, no commercial bank or multilateral institution can address these [challenges] on their own. They need to find new ways of partnering with each other, with governments and with other innovative organisations to deliver their expertise.”
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