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APEC economies committed to globalizing MSMEsThursday, May 28, 2015 > 10:11:57
Trade ministers of 21 economies of the Asia- Pacific Economic Cooperation Forum (APEC), gathered in Philippines, agreed to take measures to encourage and ease internationalization of micro, small and medium-sized enterprises (MSMEs) and allow them to integrate into the global value chains.
Peru’s Minister of Foreign Trade and Tourism (Mincetur), Magali Silva, informed they will develop an Action Plan that proposes the inclusion of these organizations into the Trade Agreements and the simplification of customs regulations.
The plan also considers information on export and import procedures and regulations, increased use of authorized economic operators, more financial options, greater opportunities through e-commerce, as well as institutional support and strengthening of MSMEs led by women.
APEC trade ministers agreed that cross-border business opportunities for micro, small and medium-sized enterprises will create jobs, innovation, and productivity in Pacific basin economies.
Silva stated that APEC economies collectively account for 40% of the total population, 50% of the global trade, and 60% of the world’s gross domestic product.
In the same way, small and medium-sized companies account for 97% of all the businesses and over half of employment in APEC economies; however, she added, “these companies do not have much effect on the international trade.”
After the meeting, economies reaffirmed their commitment to promote trade and investment liberalization and facilitation, strengthen economic and technical cooperation to achieve inclusive growth and attain the common goals of development, prosperity and progress.
As for the multilateral trade system, ministers expressed their interest in implementing, as soon as possible, the Trade Facilitation Agreement of the World Trade Organization (WTO).
“Peru is completing the internal processes required to ratify the Trade Facilitation Agreement by the end of the year,” Silva said.
“Furthermore, we are committed to advancing the post-Bali Work Program, which should not be limited to agricultural, non-agricultural trade issues and services, but include our interests in fisheries subsides, as well as the intellectual property rights related to the origin of genetic resources and traditional knowledge used in their inventions,” she continued.
Finally, Mincetur’s head, on behalf of the other 20 trade ministers, thanked Philippines for organizing the event and invited the attendees to take part in the next Meeting of APEC Ministers Responsible for Trade, to be held next year in Peru.
Silva took part in the 2015 Meeting of APEC Ministers Responsible for Trade on 23 – 24 May, in Boracay, Philippines.