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Chinese Taipei has contributed USD 2.2 million in funding to support APEC's economic and technical cooperation initiatives with respect to members' capacity building needs and to promote regional economic integration, inclusive and sustainable growth and enhance APEC's policy research and analysis.

The contribution was confirmed in a memorandum of understanding signed virtually by Sharon Shang-Nien Wu, Chinese Taipei's APEC Senior Official and Dr Rebecca Sta Maria, Executive Director of the APEC Secretariat, last week.

"Chinese Taipei is committed to continuing our engagement in APEC as well as contributing to strengthen APEC's economic and technical cooperation initiatives," Wu said.

"We also wish to reaffirm our commitment to advancing APEC members' capacity building needs and promoting inclusive and sustainable growth, especially in the areas of digital innovation, small and medium enterprises and marine debris management," she added.

Projects are a vital part of the APEC process. They help translate the policy directions of APEC economic leaders and ministers into actions which contribute to creating tangible benefits for people living in the Asia-Pacific region. APEC provides funding for over 100 projects each year, with around USD 21.9 million available in 2022.

Around USD 1 million of the contribution will go to efforts to improve the growth of the digital economy in the region as well as to build inclusive economies by focusing on micro, small and medium enterprises' poverty reduction. This would include supporting activities under the purview of the APEC Small and Medium Enterprises Working Group.

Additional funding will be directed to supporting APEC's activities focused on reducing marine debris. This includes initiatives related to improving management of land and sea-based sources and promoting the development of technical and financial innovations to prevent and reduce such pollution. Funding will also support the APEC Policy Support Unit, the research and analysis arm for member economies.

"The challenges that we're facing as a region are unprecedented and because of this, APEC needs to forge ahead and strengthen our cooperation to ensure an inclusive, sustainable and resilient future for the people," Dr Sta Maria explained.

"The core of APEC is the sharing of experiences and best practices among member economies, exploring new ideas and nurturing collaboration that will benefit all," she concluded. "Support for capacity building initiatives focusing on sustainability and inclusive growth will contribute to a resilient future, and mitigate against the uncertainties we are facing today."

For further details, please contact:

Masyitha Baziad +65 9751 2146 at mb@apec.org
Michael Chapnick +65 9647 4847 at mc@apec.org

MORE ABOUT

The APEC Small and Medium Enterprises Working Group
Small and medium enterprises (SMEs) are the engines of growth and innovation in the APEC region. They account for over 97 percent of all business and employ over half of the workforce across APEC economies. They contribute significantly to economic growth, with their share of GDP ranging from 40 percent to 60 percent in most economies. However, they only account for 35 percent or less of direct exports. APEC's Small and Medium Enterprises Working Group works to encourage the development of SMEs and to build their capacity to engage in international trade.

First established in February 1995 as the Ad Hoc Policy Level Group on SMEs (PLGSME), the group was renamed the Small and Medium Enterprises Working Group (SMEWG) in 2000. The SME Working Group (SMEWG) is the champion within APEC for the inclusive development of sustainable, resilient and innovative SMEs. It is the main forum where APEC economies exchange information, views, best practices and analysis concerning SMEs in the APEC region.

The SMEWG is the champion within APEC for the inclusive development of sustainable, resilient and innovative SMEs. In this group APEC economies exchange information, views, best practices and analysis concerning SMEs in the APEC.

The APEC SME Ministerial Meetings, held annually since 1994, set out the direction for the working group. In September 2020 SME Ministers endorsed the SMEWG Strategic Plan for 2021-2024, which provided a roadmap to address critical issues pertaining to the growth of SMEs and microenterprises in the APEC region.

These priorities are the following:

Entrepreneurship, innovation, and start-ups
SME access to international markets and global value chains (GVCs)
Inclusive capability development towards digitalization
Access to finance and alternative financial solutions
Government to business interaction
In addition, the SMEWG will work on implementing the APEC Putrajaya Vision 2040, including the third driver of the Aotearoa Plan of Action "Strong, Balanced, Secure, Sustainable and Inclusive Growth."

What is Asia-Pacific Economic Cooperation?

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.

What Does APEC Do?

APEC ensures that goods, services, investment and people move easily across borders. Members facilitate this trade through faster customs procedures at borders; more favorable business climates behind the border; and aligning regulations and standards across the region. For example, APEC's initiatives to synchronize regulatory systems is a key step to integrating the Asia-Pacific economy. A product can be more easily exported with just one set of common standards across all economies.

Sustainable and Inclusive Asia-Pacific

APEC works to help all residents of the Asia-Pacific participate in the growing economy. For example, APEC projects provide digital skills training for rural communities and help indigenous women export their products abroad. Recognizing the impacts of climate change, APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources.

The forum adapts to allow members to deal with important new challenges to the region's economic well-being. This includes ensuring disaster resilience, planning for pandemics, and addressing terrorism.

APEC's 21 member economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.

APEC Process

APEC: Cooperation and Consensus

APEC operates as a cooperative, multilateral economic and trade forum. Member economies participate on the basis of open dialogue and respect for views of all participants. In APEC, all economies have an equal say and decision-making is reached by consensus. There are no binding commitments or treaty obligations. Commitments are undertaken on a voluntary basis and capacity building projects help members implement APEC initiatives.

APEC's structure is based on both a "bottom-up" and "top-down" approach. Four core committees and their respective working groups provide strategic policy recommendations to APEC Leaders and Ministers who annually set the vision for overarching goals and initiatives. The working groups are then tasked with implementing these initiatives through a variety of APEC-funded projects. Members also take individual and collective actions to carry out APEC initiatives in their individual economies with the assistance of APEC capacity building projects.

APEC Capacity Building Projects

Capacity building projects play an important role in helping translate APEC's goals into reality. By enhancing members' capacity through skills training and technological know-how, APEC-funded projects strengthen members' readiness to adopt new initiatives from electronic customs processing to regulatory reform. APEC projects also target specific policy areas from enhancing small and medium enterprise competitiveness to facilitating the adoption of renewable energy technologies in the region.

The APEC Project Management Unit oversees APEC-funded projects in collaboration with working groups. Funding for projects is made possible by contributions from APEC members.

The APEC Policy Support Unit provides policy research, analysis and evaluation to assist in the implementation of APEC's agenda.

The APEC process is supported by a permanent secretariat based in Singapore.