MANILA – Member economies of Asia Pacific Economic Cooperation (Apec) are keen on easing trade for micro, small, and medium enterprises (MSMEs) as senior officials of commerce, trade and small business hasten efforts for easier and less costly trade within the region.
Apec’s SME Working Group (SMEWG), in a series of meetings in Atlanta, Georgia in United States, pushed measures to lift trade barriers faced by MSMEs in Apec economies in order to help them grow and further drive employment.
Apec stated that its focus in easing trade in the region is to integrate MSMEs in global value chains or different stages of international production and trade of goods, by linking them with larger companies in cross-border supply chains.
“In the 21st century economy, the cost of every product made, moved, bought and sold is determined by how efficiently it moves through its supply chain,” said Deputy Secretary of Commerce for the United States Bruce Andrews.
“Small and medium size businesses understand better than anyone else how strengthening global supply chains will foster the long-term competitiveness of economies across the Asia-Pacific region,” Andrews added.
SMEs alone play a significant role in Apec economy as it accounted for 97 percent of total businesses in the region, 60 percent of its GDP, and half of its labor force. (PNA)
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