APR News

22nd APEC SME Ministerial Meeting was held in Iloilo City on September 25, 2015. The participants of the meeting adopted a joint statement laying down future directions for the mainstreaming of micro, small, and medium enterprises into the global economy, in particular by removing trade barriers to facilitate micro, small, and medium enterprises entry to markets; advancing modernization, and standard and conformance of micro, small, and medium enterprises; and promoting inclusive growth through sustainable and resilient micro, small, and medium enterprises.
The ministers also adopted the APEC Iloilo Initiative: Growing Global SMEs for Inclusive Development, a guiding framework for integrating SMEs into international trade and global value chains.
Press-release at the official APEC web-site
Infographic: SMEs in the APEC Region

The 12th China-ASEAN Expo (CAEXPO) was held in Nanning City, Guangxi Province of China on September 18-21, 2015 under the theme "Maritime Cooperation."
Some 4,600 booths showcased products and services of enterprises from ASEAN Member States (AMS), China and the Republic of Korea, as the Special Guest Country, in 5 pavilions namely, (i) commodity trade; (ii) trade in services; (iii) investment cooperation; (iv) advanced technology; and (v) cities of charm.
The 12th China-ASEAN Investment Business Summit (CABIS) and a series of sideline meetings and events were also held.
The 13th CAEXPO is scheduled to be held on 23-26 September 2016 coinciding with the commemoration of 20th year of Dialogue Relations. Additional exhibition space is expected with the completion of new exhibition halls in 2016, covering possible areas such as tourism, culture, forestry and infrastructure.
China is the largest trading partner of ASEAN, while ASEAN is China's 4th largest trading partner in terms of exports and the 2nd largest partner for its import.
Press-release at the official ASEAN web-site

A conference on the topic “Russian Federation experience in economic and humanitarian development assistance in Viet Nam” organized in association with the National Coordination Center for Developing Economic Cooperation with the Countries of Asia-Pacific Region was held in Hanoi, Viet Nam on September 23, 2015

The conference was organized by the Ministry of Economic Development of Russia and Russian Trade Representation in Viet Nam with support of the Russian Centre of Science and Culture in Hanoi.
The conference was attended by the representatives of Russian and Vietnamese governmental authorities, leading Vietnamese state corporations and Russian companies working in Viet Nam.
Russia`s priorities in international development assistance as well as Russian companies` activities in international development assistance and humanitarian cooperation with Viet Nam were presented at the conference. Russian companies – ROSATOM, ROSTEC, “VTK Kamaz”, Rosneft-Viet Nam and Russian Railways presented their projects in the humanitarian sphere (education, training, culture, sport, science and charity).
The participants of the conference also discussed the development of trade, economic and investment cooperation between Russia and Viet Nam.

APEC High-Level Policy Dialogue on Women and the Economy was held on September 15-18, 2015 in Manila, the Philippines.
The APEC WE 2015 Fora also tackled three sub-themes: Women and Inclusive Business, which highlighted how women from the base-of-the-pyramid are empowered as producers, suppliers, distributors, workers, and/or consumers; Women in the International Markets and Global Value Chains, which discussed how women leaders use innovation as a means to breaking barriers and effectively competing in global value chains and regional economies; Women and Sustainable Development, which highlighted success stories and case studies on women’s resilience, including health and wellness linked to productivity, family management and human capital development, and disaster preparedness and business continuity planning in the context of the changing climate and environment.
The participants affirmed women as prime movers for inclusive growth and committed to work towards achieving gender equality and the empowerment of all women.
The meetings concluded with a statement adoption in which the participants encouraged APEC economies to take concrete steps towards addressing gender disparities in women’s labor force participation, in particular by establishing and pursuing measurable and aspirational voluntary goals, including women’s representation in leadership and decision-making roles.
We recognize the updated Guide on Gender Criteria and the APEC Women and the Economy Dashboard as useful tools to ensure mainstreaming of gender perspectives across APEC.
Next Women and the Economy Fora and other related activities will be held in Peru in 2016.
Press-release at the official APEC web-site

Myanmar’s economic growth remains strong, but macroeconomic imbalances have increased significantly over the past year. Real GDP growth for fiscal year (FY) 2014/15 (April-March) is estimated to have reached 8.5 percent, while inflation rose to 8 percent (y/y) in May, up from 4 percent in October 2014, reflecting mainly strong domestic demand. The fiscal deficit increased to 3 percent of GDP in FY 2014/15, while credit to the private sector continued to grow strongly at 35 percent (y/y) in March. The current account deficit widened to over 6 percent of GDP, largely reflecting a rapidly rising trade deficit.
The Myanmar economy is set for strong growth this year amid signs of overheating. The economy is expected to grow by 8.5 percent. The projected increase in the fiscal deficit in the FY 2015/16 budget will provide an expansionary stimulus and contribute to strong credit growth and a rising current account deficit.
Directors stressed the importance of containing the fiscal deficit to address the signs of economic overheating. At the same time, they noted that additional resources may be needed for recovery and reconstruction spending, with support from development partners. Noting the low revenue collection, large development needs, and the necessity to ensure fiscal sustainability, Directors encouraged the authorities to broaden the tax base, prepare for the introduction of a value-added tax, limit tax incentives, condition transfers to states and regions on implementation capacity, and further reprioritize expenditures. Directors welcomed the authorities’ commitment to implement the Extractive Industries Transparency Initiative Standard.
Directors emphasized that implementing the structural reform agenda is essential to achieve inclusive and sustainable growth. Measures should focus on further improving the business environment, financial inclusion, health services, and education. Further improvements in institutional capacity, supported by continued technical assistance, and better economic statistics will be important to enhance macroeconomic management.
Press release at the official IMF web-site

Philippine President Benigno S. Aquino III underscored the importance of empowering women to advance inclusive growth across the Asia-Pacific in his opening remarks to the APEC Public-Private Dialogue on Women and the Economy on September 17, 2015.
President Aquino pointed to examples of the significant role women have played in the Philippines’ economic and social development, particularly as drivers of entrepreneurship.
“According to the Department of Trade and Industry, 54 percent of all registered trade names are owned by women,” President Aquino noted. “The Asian Institute of Management also conducted a survey that revealed that about 63 per cent of managers and owners of businesses are women. One major sector they are involved in are micro, small, and medium enterprises, which accounts for 63.7 per cent of our total employment."
President Aquino described steps being taken in the Philippines to lower gender barriers, with progress reflected in its position as Asia’s leader in closing the gender gap, according to a World Economic Forum index. He further called upon governments and businesses in the Asia-Pacific to deepen collaboration to institute policies that enable women to take advantage of new economic opportunities and improve communities as the region becomes more integrated.
According to President Aquino, “Philippines` performance in the index will not stop the country from pursuing even more progress”.
Press-release at the official APEC web-site

During the meeting the Ministers specified the Russian and Mongolian bilateral cooperation priorities and emphasized that the bilateral cooperation between countries should be reinforced by a dialogue at the multilateral platforms, in particular the UN, SCO and Asia Pacific region forums as well as Asia Europe Meeting (ASEM) which jubilee summit will be hosted by Mongolia on July 15-16, 2016.
The relations between the Eurasian Economic Union and Mongolia are also developing. A memorandum between the Eurasian Economic Commission and Mongolian Government was signed. A mechanism aimed at further cooperation development is establishing.
Sergey Lavrov and Lundeg Purevsuren stressed the importance of a Russia – Mongolia – China cooperation mechanism launched at the first trilateral meeting of the leaders of Russia, Mongolia and China held on September 11, 2014 in Dushanbe.
Foreign Minister Sergey Lavrov's opening remarks during talks with Mongolian Foreign Minister Lundegiin Purevsuren
Foreign Minister Sergey Lavrov’s statement and answers to media questions at a joint news conference after talks with Mongolian Foreign Minister Lundeg Purevsuren
Press release on Sergey Lavrov’s meeting with Mongolia’s Foreign Minister Lundeg Purevsuren

A dashboard of indicators providing a snapshot of the status of women in APEC has been developed by the APEC Policy Partnership on Women and the Economy (APEC PPWE) as a tool to measure the progress of women’s participation in economic-related activities in the Asia Pacific region.
Following consultations with data experts and economy representatives, the Economy Dashboard 2015 includes indicators classified into five priority areas: a) access to capital and assets, b) access to markets, c) skills, capacity-building, and health, d) leadership, voice, and agency, and e) innovation and technology. It is an important tool that helps prioritize gender mainstreaming efforts, as well as monitor progress of ongoing initiatives.
According to the Dashboard, despite efforts to promote the use of financial services among women, more can be done to promote women’s financial literacy.
The Dashboard revealed progress in women’s status as accessibility to training and educational programs, as well the reduction in maternal mortality rates and increasing live births. It also shows that many APEC economies have legislation in place to address cases of domestic violence, but the legal framework is inadequate or faces implementation problems in more than half of APEC economies.
In addition, the participation of women in leadership positions in politics and top management positions in the private sector remains low. Legal issues, such as restrictions in terms of maternity leave, pregnancy and remunerations are impediments for women’s career advancement as they could deter many women from continuing their career paths and reaching influential positions.
The Dashboard also indicates that women face difficult conditions, even before entering the labor market, as several APEC economies do not protect them by law from gender discrimination in the hiring process.
The Dashboard also saw less participation of women in science, technology and engineering in most APEC economies and that women do not have incentives to pursue a career path in research.
Press-release at the official APEC web-site

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Philippines on August 26, 2015.
The Philippine economy continues to expand strongly in line with potential growth. Real GDP grew by 6.1 percent in 2014, driven by household consumption, private construction, and exports of goods and services. The external and fiscal positions are strong, with a 2014 current account surplus of 4.4 percent of GDP, gross international reserves of $79.5 billion, a national government fiscal deficit of 0.6 percent of GDP, and general government debt at 36.4 percent of GDP.
The outlook for the Philippine economy remains favorable despite uneven and generally weaker global growth prospects. Real GDP is projected to grow by 6.2 percent in 2015. The current account surplus is expected to rise in 2015 due to lower oil prices and continued inflows from business process outsourcing and remittances. Fiscal policy is expected to remain prudent. Risks to the outlook are tilted to the downside. The Philippine authorities are well equipped to respond as needed with suitable policies should any risks materialize.
Directors welcomed the government’s plan to step up infrastructure investment and social spending, and return to the medium term fiscal deficit target of 2 percent of GDP. They noted that the planned increase in public expenditure in 2015 is appropriate from both cyclical and development perspectives, given the current low inflation, large infrastructure and social needs, and low and declining public debt. Directors also encouraged further efforts to strengthen public financial management and budget execution, and to mobilize revenue to meet the large social and infrastructure needs.
Directors supported the authorities’ medium term priorities that would allow the country to reap the dividends from its young and growing population. These priorities should include raising infrastructure spending, facilitating public private partnerships, improving the business climate, and enhancing human capital and social services for the poor. Directors also welcomed the focus on financial deepening and inclusion as essential elements of the authorities’ inclusive growth strategy. They noted that alternative means of financing and hedging, such as bond and equity markets, could help finance large infrastructure needs. Directors welcomed the recent release of the national strategy for financial inclusion.
Press-release at the official IMF web-site

The 22nd meeting of APEC Finance Ministers was held in Cebu, Philippines on September, 10-11 2015. The meeting concluded with a joint statement adoption which includes Cebu Action Plan (CAP) - a roadmap for a more sustainable financial future for the Asia-Pacific region.
In their statement the ministers committed to collaborate with the Global Infrastructure Hub to establish a PPP knowledge portal with the following possible preliminary contents: (i) PPP infrastructure projects undertaken by APEC economies; (ii) directory of private firms, consultants, and experts involved in PPP infrastructure projects; and (iii) financial and legal, public and private risk mitigation instruments available to infrastructure investors in the region.
The ministers encouraged APEC economies to exchange experiences in facilitating long-term investment in infrastructure, through public-private initiatives.
The CAP, which will be submitted to the APEC Leaders, has four pillars: (i) promoting financial integration; (ii) advancing fiscal reforms and transparency; (iii) enhancing financial resilience; and (iv) accelerating infrastructure development and financing.
The CAP continues the progress towards the Bogor Goals of free and open trade and investment. In particular, economies committed to work towards more liberalized financial services and capital accounts across Asia-Pacific.
Each APEC presidency will be responsible for the short-term initiatives and deliverables (one year) of the plan. APEC economies will have the medium-term (two-four years) and long-term (five-10 year) objectives of the roadmap to guide their collective efforts.
The 23rd Finance Ministers' Meeting will be held in Lima, Peru in October 2016.
Joint Ministerial Statement
Press-release at the official APEC web-site