Vice Minister of Economic Affairs Yang Wei-fuu Attends APEC Trade Ministers' Meeting

The 22nd APEC Trade Ministers' Meeting was successfully held on May 17-18 in Arequipa, Peru. Our delegation was led by Yang Wei-fuu, Vice Minister of Economic Affairs, and joined economic and trade ministers from the other 20 member economies to exchange views on issues including promoting Asia-Pacific economic recovery while ensuring quality growth. The process was complete and smooth.

This year's APEC annual theme is "Quality Growth and Human Development." This Trade Ministers' Meeting focused on 2 major themes: "Regional Economic Integration" and "Internationalization of Micro, Small and Medium Enterprises."

On "Regional Economic Integration," WTO Secretary-General Roberto Azevêdo emphasized that all members should implement the commitments of the "Bali Package" and the "Nairobi Package." Many members pointed out that emerging issues such as e-commerce, investment, competition, global value chains, and SME development should be included in the negotiation agenda.

Next, regarding the promotion of the Free Trade Area of the Asia-Pacific (FTAAP), members considered that APEC serves as an incubator for FTAAP, and that the deadline for APEC to achieve the Bogor Goals is 2020, so new goals must be set for the next phase of work. Therefore, promoting the realization of FTAAP is an ideal option.

On promoting the internationalization of micro, small and medium enterprises, the APEC Business Advisory Council (ABAC) put forward recommendations to the ministers from a business perspective. In addition to the aforementioned need to actively promote FTAAP to open up new opportunities for SMEs, APEC should strengthen assistance to micro, small and medium enterprises to reduce export difficulties, for example by strengthening assistance to SMEs' capacity for information technology application. Most members also agreed on promoting digital trade to help SMEs innovate.