Trade Secretary Gregory Domingo said the Philippine made significant contributions in furthering the objectives of the just-concluded Asia Pacific Economic Cooperation summit in Manila.
“Our work has gathered support for member economies to collectively work towards an Asia Pacific region that addresses gaps in economic development, sustains long-term and inclusive growth, and benefits our micro, small and medium enterprises,” Domingo said.
He said the Philippines had been successful in placing the MSMEs at the “front and center” of the Apec agenda technical and consultative meetings.
The Boracay Action Agenda to Globalize Micro, Small, and Medium enterprises, broadly supported by trade ministers last May, and its implementation plan, endorsed by Apec senior officials during the conclusion of the meeting on November 15, 2015, highlighted the first day of discussions.
The MSME agenda calls for a host of specific, concrete and practical interventions that Apec economies can implement to provide MSMEs wider opportunities to participate in the global market.
The Trade Department said the year-long Apec meetings held in various cities of the country resulted in identifying specific actions, practical initiatives and programs that will enhance the MSME agenda and its implementation plan.
They also led to the development and launch of the Apec Trade Repository to promote transparency and connectivity in the region. A Web site provides exporters, industry associations and policymakers timely and accurate information on tariff information and import and export procedures that will help address non-trade barriers.
The Philippines also made progress in stimulating green growth in the country, improving market access for environmental goods by reducing the tariff rates of 54 environmental goods to 5 percent or less.
The initiative supports Apec’s efforts to build sustainable and resilient communities and to address climate change in the Asia-Pacific region.
Meanwhile, the Cebu Action Plan endorsed by Apec Ministers earlier this month calls for initiatives to promote alternative financing mechanisms, specifically to improve access to finance of MSMEs.