A two-day Asia-Pacific Economic Cooperation Ministers Responsible for Trade (MRT) meeting opened Saturday in Boracay Island, central Philippine province of Aklan where they would start laying the groundwork for the Free Trade Area of the Asia-Pacific (FTAAP) as they aim to speed up the economic integration process in the region.
Philippine Trade and Industry Secretary Gregory Domingo, APEC 2015 MRT chair, said APEC trade ministers would come out with the term of reference for the study on FTAAP for this year.
During the opening of the MRT meeting, Domingo also urged other APEC member economies to further expand trade and investment which is crucial in supporting inclusive growth and poverty reduction across the region.
He identified inequality and poverty as still the biggest challenges to APEC economies.
"But over the past 50 years, trade has proven to be a powerful engine of growth. Thus, we need to expand trade and investment and encourage economic dynamism to achieve strong, sustainable, and inclusive growth," he said.
Domingo said small and medium enterprises (SMEs) play an important role in poverty alleviation and for long-term growth of APEC economies and the entire region.
At their meeting, APEC trade ministers will work towards the possible adoption of the Boracay Action Agenda to Globalize Micro, Small and Medium Enterprises (MSMEs).
The Philippines is hosting 31 APEC meetings all over the country this year, and has adopted the theme of "Building Inclusive Economies, Building a Better World".
