Phl to APEC: Integrate MSMEs into global trade

BORACAY, Aklan – The Philippines set the tone for the Asia Pacific Economic Cooperation’s (APEC) Ministers Responsible for Trade (MRT) meeting by calling on member economies to consider the interests of small businesses, particularly micro and rural enterprises, in pursuit of sustainable and inclusive growth.

Trade Secretary Gregory Domingo, who also serves as APEC 2015 MRT chair said during the opening of the meeting Saturday, small and medium enterprises (SMEs) which comprise the great majority of businesses in APEC, play an important role in the realization of the vision for long-term growth of the entire region and its 21-member economies.

“Thus, I consider it very important that our approach includes the interest of SMEs, particularly micro and rural enterprises, as a priority,” he said.

As inequality and poverty remain the biggest challenges to the region’s economic growth, he said further promotion of trade and investments would enable APEC to achieve strong, sustainable and inclusive economic growth.

“APEC has a particular responsibility in this regard being an important regional bloc and a major player in international trade,” Domingo said.

In particular, APEC member economies can work on improving the ability of micro, small and medium enterprises (MSMEs) to take advantage of cross bor- der business opportunities.

“Let us note that recognizing the diverse characters and different capacities of SMEs is an important parameter in pursuing interventions that are reflective of and responsive to their needs,” Domingo noted.

The Philippines is seeking support for its proposed Boracay Action Agenda in the MRT meeting.

The Boracay Action Agenda calls for specific interventions APEC economies can implement in order to open more opportunities for MSMEs to take part in global or regional trade by being integrated into global value chains or through direct export of goods.

Under the proposal, the Philippines wants APEC economies to make a distinction between micro and small businesses from medium enterprises to come up with more relevant interventions to their respective needs.

Domingo said earlier the Philippines is hopeful a strong statement or decision can be made by the ministers during the meeting on the proposal.

Apart from the Boracay Action Agenda, the MRT meeting will also have discussions on trade facilitation measures being pushed at the World Trade Organization as well as APEC’s work on the Free Trade Area on the Asia Pacific to promote greater regional economic integration.