The World Travel & Tourism Council (WTTC) and the International Chamber of Commerce (ICC) have signed a Memorandum of Understanding (MOU) to strengthen the growth, competitiveness and global voice of small and medium-sized enterprises (SMEs) across the Travel & Tourism sector.

The partnership combines WTTC’s industry expertise, economic research and sector insights with ICC’s international business network, representing more than 45 million companies across over 170 countries.

The organisations will provide SMEs with practical guidance, research, tools, connections and opportunities to support business growth and competitiveness.

SMEs account for more than 85% of Travel & Tourism businesses worldwide and play a critical role in job creation, entrepreneurship, innovation and local economic development.

However, many face significant challenges, including fragmented regulations, skills shortages, limited access to finance and markets, digital barriers, connectivity issues, visa requirements and other travel-related obstacles.

Under the agreement, WTTC and ICC will identify these barriers and advocate for policies that create a more supportive business environment.

Their cooperation will include sharing research and business intelligence, engaging companies through ICC’s global network, and bringing together public- and private-sector leaders.

The partnership will also equip SMEs with practical tools and insights while strengthening evidence for policymakers and supporting the development of targeted policy recommendations.

By incorporating SME perspectives into global research and advocacy, WTTC and ICC aim to ensure that national and international policies better reflect the needs of businesses driving the sector’s economic and social benefits.

Initial areas of cooperation will include research, business engagement, policy development, knowledge sharing and connecting Travel & Tourism companies with wider international business networks.

The organisations will also urge governments to reduce regulatory, financial, digital and mobility barriers to support jobs, investment and sustainable economic growth worldwide.

Gloria Guevara, President & CEO, WTTC, said: “Travel & Tourism is powered by millions of businesses around the world, and SMEs are at the heart of our sector. They create jobs, drive innovation and ensure that the benefits of tourism reach local communities. 

By combining WTTC’s understanding of Travel & Tourism with ICC’s extraordinary global reach, we can take evidence from businesses directly to governments and work with policymakers to remove barriers, strengthen competitiveness and unlock greater investment and employment.”

John Denton, Secretary General, International Chamber of Commerce, said: “Travel and Tourism is one of the world's most connected industries, linking people, businesses and markets across borders every day. At a time of economic uncertainty, strengthening the operating environment for the millions of small businesses that power this sector is both an economic and strategic imperative. Through this partnership, ICC and WTTC will bring together the global business community to support entrepreneurship, expand opportunity, and ensure that growth in travel and tourism delivers benefits across economies and communities worldwide.” -TradeArabia News Service