Committed to addressing the significant barriers in accessing global markets, formalizing operations, and adopting new digital technologies,
Micro, small, and medium enterprises (MSMEs) account for over 97% of all businesses and employ over half of the workforce across APEC economies.
Recognizing this significant contribution, ministers deliberated on actions and policy levers that will empower MSMEs to overcome obstacles and enhance their participation in global value chains.
"This meeting, which is being held in the heart of our Peruvian Amazon, represents an invaluable opportunity to strengthen our cooperation for the benefit of MSMEs, which are fundamental to our economies," he added.
The Peruvian government official urged his counterparts to ensure that policies and actions taken by governments allow MSMEs to grow in an inclusive, digital, and sustainable manner, stressing that this will lead the way to greater prosperity in the Asia-Pacific region.
Addressing one of the largest challenges for MSMEs, ministers exchanged views on ways to support the transition from the informal to formal economy, with a focus on expanding access to financing and institutional support.
They also considered efforts to enhance cooperation between MSMEs and larger companies, as well as collaboration with economic stakeholders to help them overcome market risks, looking at training programs and policies to facilitate the green transformation of MSMEs.
"Empowering MSMEs translates into providing them with the skills and tools necessary to support them. Herein is APEC’s strength," she added.
According to the APEC official, MSMEs will need to have the requisite skills, including marketing technical knowledge, familiarity with regulatory requirements, or the ability to translate commercial and product information into the language of buyers.
Digital tools and emerging technologies have been recognized as key tools to enhance MSMEs' productivity and access to broader markets, the meeting explored measures to promote the use of digital platforms, improve technological resources, and provide more specialized training.
"Business continuity of MSMEs must include ensuring digital preparedness and address the digital gaps within and between regions. This is more an imperative now with the increasing use of AI and machine learning," Dr. Sta Maria stated.
"Not keeping up with these developments means we risk exacerbating the digital divide," she concluded.
Peru is hosting APEC for the third time after the 2008 and 2016 editions.
21 leading economies
APEC is made up of:
Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.
Together, they account for 62% of world's GDP, 48% of global trade in goods and services, plus 38% of the planet's population.
Editor's note: Information provided by the APEC Secretariat.