Ministers: APEC Placing Inclusive Growth at Heart of Integration
Ministers from the 21 APEC member economies are convening in Manila intent on advancing next generation trade and investment measures needed to buoy economic growth among them while jointly tackling inequality and security challenges that globalization has brought to the fore.
Following a moment of silence for the victims of the terrorist attacks in Paris, Philippine Foreign Affairs Secretary Albert Del Rosario set the stage by articulating an onward vision for strengthening cooperation between APEC’s diverse member economies to ensure greater economic and social progress across the Asia-Pacific.
“APEC has indeed come a long way since its inception in 1989,” declared Del Rosario who is Co-Chair of the APEC Ministerial Meeting. “It has evolved from a primarily economic forum to encompass an agenda beyond trade issues and respond to the complex realities of our time.”
“We’re placing inclusive growth at the heart of economic integration,” he explained. “We’re expanding APEC’s trade and investment goals to include the development dimension.”
Among related actions being addressed in support of these ends include a push to liberalize services and provide an entry point for the development and growth of the sector in APEC economies. Services account for nearly 70 per cent of GDP in the region but remains subject to a high number of market barriers compared to manufacturing.
“Trade and investment in services such as manufacturing related services, professional services, internet and ICT based services and tourism will have a huge multiplier effect and can alleviate poverty through jobs and incomes,” Secretary Del Rosario noted.
Next steps for the collective strategic study on issues related to the realization of the Free Trade Area of the Asia-Pacific, environmental goods tariff reductions and policies that better position micro, small and medium enterprises to take advantage of cross border business opportunities afforded by increased market openness and integration between APEC economies are additional focus points.
A new strategy for strengthening quality growth is moreover being fleshed out by Ministers to guide the future of APEC member collaboration, with a particular emphasis on the promotion of good governance through institution building, social cohesion and stronger environmental protection.
“With the many threats facing the world economy across many fronts, we can think of no stronger spur for international policy cooperation and coordination than to provide a strong push to stimulate economic growth,” underscored Philippine Trade and Industry Secretary and Co-Chair of the APEC Ministerial Meeting Gregory Domingo.
“Already we agreed in May that micro, small and medium enterprises are an important force in economic activity, growth, job creation, community resilience and innovation,” he continued. “We need to support the MSME agenda with concrete initiatives on structural reform, trade facilitation, services, quality, green growth and resiliency.”
Additional actions on the table center on improving the ease of doing business in APEC economies, facilitating internet and digital network development and boosting entrepreneurship and women’s economic participation. Mitigating increasing natural disaster threats due to climate change as well as fighting terrorism, illegal logging and wildlife trade, and pandemics are further points of emphasis.
“Together, we will work to sustain economic growth, increase employment and regional stability through growth-related policies, the broadest participation the regional and global economy and an environment of stability and security,” Secretary Domingo concluded.
The 2015 APEC Ministerial Meeting will continue on Tuesday.
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