Phl seeks measures to facilitate SME trade as Asean integrates

MANILA, Philippines - The Philippines will push for measures that will make it easier for small and medium enterprises (SMEs) to trade in the region during the Association of Southeast Asian Nations (Asean) Economic Ministers meeting this week.

 “We are always pushing for SME trade facilitation so that it will be easier for SMEs to export and trade with other members,” Trade Secretary Gregory Domingo told reporters.

The trade official is attending the Asean Economic Ministers meeting being held in Myanmar from Aug. 24 to 28.

As it is mostly big companies which benefit from current trade rules, Domingo said there is a need to simplify rules for the SMEs.

He said the simplified rules are not only intended for Philippine SMEs but for all small businesses in the region.

As SMEs are seen as a key contributor to economic growth in Asean countries, allowing them to take advantage of opportunities offered by the regional economic integration is important.

The Asean Economic Community (AEC), to be established by the end of next year, seeks to transform the Asean into a region with free movement of goods, service, investment, skilled labor and freer flow of capital.

The AEC is seen to open opportunities for businesses given the region’s market of over 600 million consumers and combined gross domestic product of nearly $3 trillion.

Aside from discussions on trade facilitation measures for SMEs, Domingo said the Asean Economic Ministers Meeting will also tackle updates and what needs to be done on the Regional Comprehensive Economic Partnership (RCEP).

The 10-member Asean aims to consolidate all its free trade agreements into one regional free trade network, the RCEP, by the end of 2015.

The Asean has free trade agreements with Australia, China, India, Japan, South Korea and New Zealand.

Domingo said the meeting will also cover the Asean-Japan agreement and plans for the post AEC period.