APEC Ministers and representatives responsible for small and medium enterprises (SMEs) convened in Iloilo City on Friday for the 22nd APEC SME Ministerial Meeting, and released a joint statement acknowledging current initiatives, as well as laying down future directions for the mainstreaming of micro, small, and medium enterprises into the global economy.
The Ministers addressed the following priority areas:
Removing trade barriers to facilitate micro, small, and medium enterprises entry to markets
Advancing modernization, and standard and conformance of micro, small, and medium enterprises
Promoting inclusive growth through sustainable and resilient micro, small, and medium enterprises
The Ministers also adopted the APEC Iloilo Initiative: Growing Global SMEs for Inclusive Development, a guiding framework for integrating SMEs into international trade and global value chains. Through the statement, they also welcomed the Boracay Action Agenda and the Cebu Action Plan, two initiatives adopted earlier this year that support the development of micro, small, and medium enterprises.
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