BANGKOK: Malaysia has suggested Asia-Pacific Economic Cooperation (Apec) economies set up a collaborative platform to support micro, small, and medium enterprises’ (MSMEs) participation in international trade transactions.
Chief Secretary to the Government Tan Sri Mohd Zuki Ali said MSMEs, the backbone of most Apec economies, are the region’s growth engine.
He added that they represented an estimated 95% of global businesses and accounted for some 60% of employment across economies at all levels of development.
However, he said the Covid-19 pandemic has caused MSMEs to operate under tight cashflow conditions.
“In this regard, Malaysia wishes to underscore the importance of the Apec Business Advisory Council’s (Abac) recommendations to leaders and encourage Apec economies to consider the establishment of a collaborative platform that brings together public and private sector stakeholders to explore tangible solutions,” he added.
Mohd Zuki, in his capacity as the Special Representative of the Prime Minister, delivered his intervention notes at the 29th Apec Economic Leaders’ Meeting (AELM): Retreat Session 2: Sustainable Trade and Investment here yesterday.
To achieve a dynamic and interconnected regional economy as envisioned by Apec Putrajaya Vision 2040, Mohd Zuki said a strong foundation for growth, ably supported by competitive economic players, particularly MSMEs, is vital.
From a policy perspective, he said Apec could identify specific solutions for key challenges faced by MSMEs through enhanced trade facilitation measures, meaningful inclusion in regulatory development and alignment, as well as better access to finance and cross-border payments.
“Complementing the policy approach, Apec could also consider more targeted operational solutions, in line with the recommendations of Abac which focus on promoting the digital transformation of MSMEs, enhancing inclusion through women’s economic empowerment, promoting sustainable practices and building MSMEs’ financial capacity.”
As a regional economic cooperation forum that also doubles up as an incubator of ideas, Mohd Zuki said Apec is strategically positioned to not only complement the ongoing work undertaken at the World Trade Organisation (WTO), but also explore and develop MSMEs-related initiatives that go beyond the ambit of the multilateral trading system.
He said Apec remains the vanguard for exploratory ideas and a testbed for pathfinder initiatives, encompassing many areas of deep interest to MSMEs, such as digitalisation, trade facilitation and supply chain resilience.
“It must also be underscored that these are also areas of discussions within Apec that have evolved and matured, progressing well beyond the current state of play at the WTO,” he added.
Mohd Zuki said novel ideas and initiatives are of utmost importance to MSMEs, not least due to the fact that such proposals can often be translated into policy-based solutions that ensure the continuity and resilience of their business operations.
Under the chairmanship of Thailand and guided by the theme “Open. Connect. Balance”, Apec Economic Leaders’ Week, the group’s first in-person summit in four years, was held from Nov 14-19 at the Queen Sirikit National Convention Centre in Bangkok. — Bernama
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