APEC: M’sia encourages set up of collaborative platform
BANGKOK: Malaysia encourages Asia-Pacific Economic Cooperation (APEC) economies to set up a collaborative platform that address the financial needs and support micro, small, and medium enterprises’ (MSMEs) participation in international trade transactions.
Chief Secretary to the Government Tan Sri Mohd Zuki Ali said MSMEs, the backbone of most APEC economies, representing an estimated 95 per cent of global businesses and account for some 60 per cent of employment across economies at all levels of development, is the region’s growth engine.
However, he said the Covidpandemic has caused MSMEs to operate under tight cash flow conditions.
“In this regard, Malaysia wishes to underscore the importance of APEC Business Advisory Council’s (ABAC) recommendations to the leaders and encourage APEC economies to consider the establishment of a collaborative platform that brings together public and private sector stakeholders to explore tangible solutions,” he said.
Mohd Zuki who is in his capacity as the Special Representative of the Prime Minister delivered his intervention notes at the 29th APEC Economic Leaders’ Meeting (AELM): Retreat Session 2: Sustainable Trade and Investment here.
To achieve a dynamic and interconnected regional economy as envisioned by APEC Putrajaya Vision 2040, Mohd Zuki said a strong foundation for growth, ably supported by competitive economic players, including and particularly MSMEs is vital.
From a policy perspective, he said APEC could identify specific solutions for key challenges faced by MSMEs through enhanced trade facilitation measures, meaningful inclusion in regulatory development and alignment, as well as better access to finance and crossborder payments.
“Complementing the policy approach, APEC could also consider more targeted operational solutions, in line with the recommendations of ABAC which focuses on promoting digital transformation of MSMEs, enhancing inclusion through women’s economic empowerment, promoting sustainable practices, and building MSMEs’ financial capacity.”
As a regional economic cooperation forum that also doubles up as an incubator of ideas, Mohd Zuki said APEC is strategically positioned to not only complement the ongoing work undertaken at the World Trade Organisation (WTO), but also explore and develop MSMEs-related initiatives that go beyond the ambit of the multilateral trading system.
He said APEC remains the vanguard for exploratory ideas and a test-bed for pathfinder initiatives, encompassing many areas of deep interest to MSMEs, such as digitalisation, trade facilitation and supply chain resilience.