The Philippine government is on full swing for the hosting of the Asia-Pacific Economic Cooperation (APEC) summit which will gather leaders from 21 Pacific Rim economies on Wednesday and Thursday.
The APEC Economic Leader’s Week which highlights the event is aimed at boosting trade and inclusive, sustainable growth in the Pacific Rim.
Ambassador Marciano Paynor, Jr., director–general of the APEC National Organizing Committee (NOC), underscored the advantages of being a member-economy of APEC saying 80 percent of the Philippine’s trade is APEC trade. The trade’s average growth is eight percent annually.
“Being a member of a group where economy is growing means there is something in it for us,” Paynor said during the press briefing held at the International Media Center,
Paynor said the country may experience inconveniences because of security measures prepped up for the event, but the outcome of the hosting will be rewarding.
In an advisory, APEC organizers said economies are in a period of transition but they still account for much of the world’s growth. What is more, greater market integration and development in the Asia-Pacific has lifted hundreds of millions of people out of poverty and into the ranks of the middle class, the advisory added.
This is creating enormous opportunity for businesses to sell their goods and services to a new generation of consumers in the region and driving APEC members to push for new, increasingly large and ambitious trade agreements and parallel measures to promote trade, investment and growth among them.
APEC membership will open a new era of growth for all, head towards new trade and investment frontiers and push to deliver environment good tariff reductions.
APEC members will set in motion a new action agenda for micro, small and medium enterprise participation in regional and global markets to position the sector to take advantage of new trade opportunities as economies become more open and integrated. (MCA/VHS/PIA-1Pangasinan)
