Senior Asia-Pacific Economic Cooperation (APEC) officials have approved implementation of a plan aimed at promoting medium, small and micro enterprises (MSMEs)on the global market, a Cabinet official said.
“Our collaborative efforts to grow dynamic and global MSMEs are making headway. APEC member economies have managed to move this agenda forward during the previous meetings and more work lies ahead,” Trade Secretary Gregory Domingo said following the Concluding Senior Officials Meeting last Friday.
Approved was an implementing plan for the Boracay Action Agenda to Globalize MSMEs (BAA-MSME), drafted by APEC trade ministers last May, which details interventions and programs that will facilitate the integration of MSMEs in international markets.
“Member economies will continue to engage in discussions to ensure that all participants benefit from the programs even after the Philippines’ hosting [of the annual APEC summit],” Domingo said.
“The implementation plan meets the diverse needs of MSMEs and provides an enabling framework for them to go global. Placing the MSME agenda front and center in the discussions in APEC … will certainly enhance the competitiveness and productivity of our local enterprises and contribute to realizing inclusive growth,” he added.
The BAA-MSMEs implementation plan identifies measures and approaches that should be adopted by governments, the private sector and other stakeholders to support MSME development.
Trade Undersecretary Adrian S. Cristobal has said that special consideration should be given to MSMEs because these account for an overwhelming majority of business and employment in APEC’s 21 member economies.