Today in the Dominican Republic, Deputy Administrator Isobel Coleman announced that the United States, through USAID's EDGE Fund, is providing $1.4 million to support a new Global Alliance for Trade Facilitation (GATF) initiative in the Dominican Republic that reflects a strong commitment to enhancing trade and nearshoring opportunities through public-private collaboration.
The initiative empowers small- and medium-sized enterprises (SMEs) and women-owned businesses in the Dominican Republic to capitalize on nearshoring opportunities and strengthen their participation in inclusive international trade. The project works to create business linkages between local Micro, Small, and Medium Enterprises (MSMEs), women-led businesses, and companies in the Free Trade Zones; assist MSMEs and women-led businesses in achieving certification to facilitate trade; and organize workshops to enable these businesses to capitalize on nearshoring and integrate into global value chains. The initiative, led by the GATF, will be implemented in collaboration with a large group of local business associations and institutions.
The Global Alliance for Trade Facilitation is a multi-donor initiative funded by the governments of Canada, Germany, and the United States, which partners with businesses committed to enhancing trade by reducing barriers and streamlining import-export processes. It focuses on harnessing trade as a driving force for economic growth and development, promoting effective public-private partnerships to achieve these goals.
First announced at the 2023 World Economic Forum in Davos, Switzerland, USAID's EDGE Fund is an innovative incentive fund designed to engage the private sector to unlock its impact on global development challenges. The EDGE Fund is part of an agency-wide initiative to modernize private sector engagement and enable USAID and the private sector to work together for more effective, efficient, and sustainable partnerships that address today's global challenges.
