The UAE has announced the activation of a novel EcoMark Global Framework initiative in collaboration with the International Chamber of Commerce (ICC) and the Presidency of COP28.
This initiative is geared towards establishing universally recognized standards for sustainable products, offering structured and cost-effective guidelines on a global scale.
The primary objective of this initiative is to streamline the process of assessing and certifying companies based on their green credentials by facilitating the establishment of accredited bodies in each country. These bodies will be tasked with evaluating and certifying companies' adherence to green standards. Simultaneously, the initiative aims to equip companies with a toolkit to help them meet the required criteria.
Abdelsalam Mohamed Al Ali, Plenipotentiary Minister and UAE Representative to the World Trade Organisation, emphasized the initiative's focus on making global green accreditation accessible and affordable for Micro, Small, and Medium Enterprises (MSMEs). Al Ali made this announcement during the ministerial conference on Wednesday.
In an effort to increase the involvement of micro, small, and medium-sized enterprises (MSMEs) in green trade, the ICC and the COP Presidency will vigorously promote the EcoMark framework to SMEs around the world. They will be involved in developing strategies to engage SMEs effectively and offering guidance on standards development. Also, they will look into ways to incorporate EcoMark with other programs that are already in the works or will be in the future that promote greener and more inclusive trade for large and small businesses.
In response to the changing nature of green commerce, the EcoMark Global Framework project fills a critical void in the international trade architecture. In spite of the ever-increasing demand for environmentally conscious goods, many micro, small, and medium-sized enterprises (MSMEs) are unable to take part in global green commerce because of the high prices and complicated procedures involved in proving their green credentials.
This initiative seeks to support governments in establishing accreditation bodies and provide MSMEs with capacity building and training opportunities to attain and showcase their green credentials effectively. By doing so, MSMEs will be empowered to access new markets, attract customers, and receive recognition for their sustainable production practices.
According to Al Ali, the UAE identified the necessity for an inclusive and accessible green trade framework tailored to MSMEs, enabling them to capitalize on the growing demand for sustainable products and adapt to the evolving trade landscape. He emphasized that the EcoMark framework represents a significant stride towards fostering a more sustainable and inclusive global economy.
