The International Chamber of Commerce (ICC), the International Trade Centre (ITC), and the World Trade Organization's Informal Working Group on Micro, Small, and Medium-Sized Enterprises (WTO MSME Group), in collaboration with UN Trade and Development (UNCTAD), are inviting innovative ideas that support small businesses in engaging with and contributing to the circular economy.

Small businesses are crucial in promoting sustainable practices, as they drive innovation and create solutions for the circular economy. This is particularly evident in business models focused on reuse, material substitution, waste repurposing, and waste reduction. The green economy offers opportunities for small businesses through the demand for new products and services that improve efficiency and reduce costs. A 2021 survey of African companies by the ITC revealed that over half of the respondents experienced improvements in product output, quality, market access, lower input costs, and better access to green financing after adopting greener practices. Transitioning to a circular model can also enhance the value of their products. However, small businesses often encounter challenges related to limited resources and capacity, which can prevent them from fully scaling sustainable innovations.

International trade can help promote circular business practices by providing access to sustainable resources, technologies, and markets for waste recovery. It also creates the demand necessary for innovative businesses to expand and succeed. This makes circular operations more economically feasible and helps spread innovations across borders, supporting local economies.

Goals of the Initiative

• Raise awareness among businesses and policymakers about the opportunities and variety within the circular economy.
• Showcase best practices for enhancing the sustainability and resilience of small businesses.
• Encourage small businesses to engage in international trade by promoting efficiency and zero-waste practices.