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Measures to lift trade barriers faced by small firms, the preeminent drivers of employment and growth among the region’s economies, were taken forward by officials and industry representatives meeting in Atlanta. The focus is on creating openings for small businesses to integrate in global value chains, or the different stages of international production and trade of goods, by partnering with larger companies in cross-border supply chains.
Small and medium enterprises account for more than 97 per cent of all businesses, about 60 per cent of GDP and half of the labor force in APEC member economies but a relatively low proportion of their exports—less than 25 per cent in the case of the United States as well as Indonesia, Japan, Malaysia, Singapore and Chinese Taipei, according to the APEC Policy Support Unit.
Officials further mapped out complex non-tariff policy barriers to facilitate small business participation in Asia-Pacific trade. Steps were additionally taken to widen trade participation in particular sectors. This includes training for hundreds of small and medium enterprises from APEC economies on meeting product safety regulations for temperature sensitive exports – ranging from agriculture, to pharmaceuticals, to flowers – new logistics technology that tracks and ensures product integrity, and supply chain financing.