This report analyses the evolution of Aid for Trade flows in a context marked by crises of unprecedented magnitude, with significant impacts on trade and investment. Under the theme “Empowering Connected, Sustainable Trade”, it shows that Aid for Trade was an important tool in the fight against the COVID-19 pandemic, and can help address emerging challenges, such as the environmental and digital transitions while ensuring that no one is left behind. Recent data indicate that a shift is under way to put sustainability, including green transition and women’s empowerment, at the heart of Aid for Trade, and point to its potential to support an inclusive and sustainable recovery.