APEC ministers adopt ‘Boracay Action Agenda’

Asia-Pacific ministers have adopted a plan advancing the regional significance of micro, small and medium enterprises (MSMEs).
The “Boracay Action Agenda” was crafted during the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting here.
APEC members recognize that MSMEs are vital to the region’s overall growth, said the Philippines’ Department of Trade and Industry secretary Gregory Domingo.
“MSMEs are an important force in economic activity, growth, job creation, community resilience, and innovation,” said Domingo. “We will complement APEC’s initiatives on promoting MSMEs’ participation in the global value chain.”
According to Domingo, Boracay Action Agenda is an action-oriented initiative supporting APEC’s work addressing the barriers MSMEs face in the international trade.
It will also “facilitate their access to regional and global markets, with a strengthened focus on micro and small enterprises,” he said.
Held from May 23 to 24 in Shangri-La Hotel here, the Ministers Responsible for Trade Meeting had the theme “Building Inclusive Economies, Building a Better World.”
The meeting helped identify areas for cooperation and action on trade facilitation, e-commerce, and financing and institutional support, and on MSME internationalization./