Envoy: APEC hosting to boost Philippine trade links

CEBU, Philippines – The Philippines’ hosting of the Asia Pacific Economic Cooperation (APEC) Summit this year will not only make the country more prominent all over the world, but improved trade connections will be the immediate consequence.

Ambassador Ma. Angelina Sta. Catalina, deputy director general for APEC National Organizing Committee, said that the strong participation of the private sector in this year's summit would lead to more harmonious trading and cross investment ventures, within the 21 APEC member economies.

This year's APEC Summit meet, according to Sta. Catalina pushed for stronger participation of the private sector especially the Small and Medium Enterprises (SMEs), recognizing that their survival will have a great impact to the health of the entire Asia Pacific region.

With their strong participation in different meetings, spread in the next few weeks, is expected to influence economic and state leaders within the region in making policies to boost trade and investments.

During a press briefing held over the weekend, Sta.Catalina emphasized the importance of the APEC Summit and its impact to the regional economic growth, as well as the Philippines.

There are 2.7 billion people in the Asia Pacific Rim, out of total 6.8 billion population worldwide.

She said it is imperative that these nations will work together harmoniously to lead the economic growth in the world, with sound policies, considering that is contributes 55 percent of the world Gross Domestic Product (GDP).

This year’s summit, which carried the theme "Building Inclusive Economies, Building a Better World," is the second hosting of the Philippines since 1996. It is also mandated to put more weight on the development of the SMEs within the region, as they are well recognized as the "engine of growth."

Through the APEC Business Advisory Council, policies' exploration, and discussions will be well represented by the leaders in private sector.

The Summit, according to Sta. Catalina, created a mechanism for the private sector to be an important part of the APEC process.

Asia Pacific is a US$32 trillion economy, a 47 percent share of the total world trade.

There are a total of 87 meetings on the APEC-Third Senior Officials' Meeting (SOM3) spread from August 22 to September 11, 2015.