APEC Urged To Strive To Improve International Trade

Boracay, Aklan, The Philippines (Antara Bali) -- Chairman of the Trade Ministers Forum of the Asia-Pacific Economic Cooperation (APEC) 2015 Gregory L. Domingo said that APEC should play an important role in improving international trade.

"APEC has a special responsibility to become an important regional bloc and a major player in international trade," Domingo stated here on Saturday.

He made the remarks on the first day of the APEC 2015 Ministers Responsible for Trade (MRT) Meeting in Boracay Island.

APEC members should expand trade and investment and encourage economic dynamism to achieve strong growth that is sustainable and inclusive, he remarked.

"It is because over the last 50 years, trade has proven to be a powerful engine for economic growth in the region," he explained.

In addition, Domingo believes that it is important for members of APEC to encourage small and medium enterprises (SMEs) to be able to participate in global trade, to realize an inclusive economy in the Asia-Pacific region.

"SMEs should not be included in the global trade agenda only incidentally and on the sidelines; they should become an important part of and be included in the policies and actions that can affect global trade," he emphasized.

Furthermore, the Filipino trade and industry minister opined that SMEs play an important role in the realization of long-term economic growth in each APEC member state and in all APEC regions because most of the businesses in the Asia-Pacific region are in the form of SMEs.

The APEC 2015 MRT Meeting in Boracay Island, Aklan province, began on May 23 and will be held till May 24.

Moreover, Indonesia's trade value in the Asia-Pacific region rose from US$221.73 billion in 2010 to US$258.95 billion in 2014.

The same year, Indonesia's total exports to member countries of APEC amounted to US$124.68 billion, whereas imports from the member states of the cooperation to Indonesia amounted to US$134.27 billion, marking a deficit US$9.58 billion. (WDY)