ICC has issued 10 recommendations for how governments can use trade to help micro-, small- and medium-sized businesses (MSMEs) weather the COVID-19 storm.
Underscoring the vital role can trade play in helping small business stay afloat and driving a rapid economic recovery, the 10 ways for governments to use trade to Save our SMEs statement calls on governments to take urgent action to Save Our SMEs.
It comprises recommendations for an immediate response to limit the damage caused by the COVID-19 pandemic and short- to mid-term recommendations to mitigate further damage and level the trading playing field to enable MSMEs to build back better.
“MSMEs, which comprise 90% of companies across the globe and more than 50% of the world’s total employment, are both heavily exposed to the disruption and critical to the recovery,” the paper states. “By enabling MSME participation in international trade we have an opportunity to limit economic losses, protect jobs and set strong foundations for renewed economic growth.”
As the institutional representative of more than 45 million companies in over 100 countries, ICC has launched the “Save Our SMEs” global campaign to save lives and livelihoods by helping to ensure the continued viability of the world’s MSMEs which make up 90% of companies worldwide and over half of global employment.
The 10-point plan also reaffirms ICC’s commitment, to work with governments and businesses to help resolve the crisis at hand and build back for a better future.