Good Trade Summit urges global cooperation to empower small businesses
Businesses, governments, UN agencies and non-government organizations met to look at how to link small businesses into global supply chains.
The half-day Good Trade Summit, held on the sidelines of the UN General Assembly, brought together 60 people to explore how global cooperation in international trade can build sustainable supply chains that empower small businesses.
To move toward that goal, ITC Executive Director Pamela Coke-Hamilton launched a new call to action dedicated to Uniting Sustainable Actions. This new effort comes at the midpoint for reaching the Sustainable Development Goals (SDGs) and the 2030 Agenda, the globally shared blueprint for peace and prosperity for people and the planet.
‘The idea behind this call to action is for large companies, institutions and other organizations working across global supply chains to commit to abiding by five core principles, which together can move us closer to achieving the SDGs,’ she said.
‘This call to action brings together over 70 signatories that are innovators in their respective fields, and there's room at the table for more to join.’
Through the panel discussions, fireside chat, and keynotes, the following key messages emerged:
- The private sector needs to take an active part in making the transition towards more sustainable production and consumption practices a reality
- Regulations play an important role, but instead of relying on sanctions, it's more effective to provide incentives for businesses to adopt sustainable practices
- Fostering impact-led youth entrepreneurship requires mentoring, access to finance, and information sharing
- Building a robust ecosystem is critical to creating an environment for businesses, organizations, and individuals to collaborate
- Leveraging technology for traceability and chain of custody solutions is key
- Sharing stories of positive impact can be a good tool to encourage businesses to contribute more to the SDGs
ITC organized the Good Trade Summit with the Business Council for International Understanding (BCIU), on 20 September 2023.
The summit concluded with special guest Seth Cohen, Head of the Forbes Impact Lab and Forbes Communities, giving an inspiring message: ‘When all is said and done, what matters more is what’s done than what’s said.’