APEC ministers to endorse Boracay Action Agenda
Trade ministers at the Asia-Pacific Economic Cooperation (APEC) meeting in Boracay, Aklan agreed yesterday to endorse the proposed Boracay Action Agenda to the member countries’ leaders, presenting opportunities for global trade for micro, small and medium enterprises (MSMEs).
In a press conference following the conclusion of the APEC Ministers Responsible for Trade Meeting, Trade Secretary Gregory Domingo, who also served as chairman, said ministers agreed to recommend the adoption of the Philippines’ proposed Boracay Action Agenda to Globalize MSMEs.
The agenda is an initiative supporting APEC’s ongoing work to address barriers faced by MSMEs in international trade by opening more markets for the sector and facilitating access into global value chains or direct export.
The proposal also focuses on making the distinction between micro and small enterprises and medium enterprises to determine measures for their respective needs.
“I think that is quite an accomplishment for the chairmanship of the Philippines. It was very popular as soon as we floated it. It caught fire in a good sense,” Domingo said.
The APEC has been pushing for support for MSMEs but efforts in the past have focused on improved participation of those already part of global value chains and not on micro and small enterprises which were not yet involved in international trade.
Micro and small enterprises comprise a majority of total businesses in the APEC.
As part of the push to foster the MSMEs’ participation, ministers identified priority areas for cooperation such as trade facilitation, e-commerce, financing and institutional support to address barriers in businesses.
They also intend to seek the support of the APEC Business Advisory Council in pursuing action to advance MSMEs’ participation in global trade.
Domingo said the Philippines has proposed the setting up of a trade repository and services framework for APEC.
The country will also work with Peru, which will serve as APEC’s chair next year to pursue the goal of the Boracay Action Agenda.
“We are expecting it will be adopted by leaders in November,” Domingo said.
Aside from the endorsement of the Boracay Action Agenda, minisclude ters also reaffirmed the commitment to promote trade, investment liberalization and facilitation to attain inclusive growth.
In terms of support for the multilateral trading system, the APEC trade ministers are encouraged by the progress made by the World Trade Organization (WTO) on the implementation of the Bali package and are committed to submit documents of acceptance on the trade facilitation agreement to the WTO as soon as possible.
On enhancing regional economic integration, APEC trade ministers commit to achieve the Boor Goals of free and open trade and investment by eliminating barriers.
On the Free Trade Area on the Asia Pacific, ministers are expected to submit a progress report on the collective study on the planned deal in November and complete it by next year.
‘End-game’
Meanwhile, the United States is optimistic a deal to set up a free trade zone across the Pacific will be concluded soon, with sensitive issues likely to be ironed out when its Congress resumes session, a top US trade official said yesterday.
“We are very much in the end-game,” US Trade Representative Michael Froman told reporters after a two-day trade ministers’ meeting on Boracay island.
“Our negotiators are working as we speak, and working through issues, we hope to conit soon,” Froman said.
“We want to make sure we conclude it consistent with the principles we’ve laid out.”
The 12-nation Trans-Pacific Partnership (TPP), which will cover about 40 percent of the world’s economies, took a major step forward on Friday when the US Senate agreed to give President Barack Obama powers to speed up US approval of trade deals.