THE Association of Southeast Asian Nations (Asean) economic ministers have agreed to create an SME (small and medium enterprise) advisory board that will formulate and push initiatives for the development of SME sector in the region.
“The ministers agreed that enhancing the region’s efforts in developing SMEs will lead to greater intra-Asean trade and investment flows,” Trade Secretary Gregory L. Domingo said.
At the recently concluded 43rd Asean Economic Ministers Meeting and Related Meetings in Manado, Indonesia, Domingo said the ministers agreed to convene the first Asean SME Ministerial Meeting in 2012 and welcomed the formal establishment and the first meeting of the Asean SME Advisory Board, as well as the Expert Panel on SME Access to Finance.
The ministers will also hold regular consultations with the Asean SME Advisory Board beginning 2012.
In conjunction with this, Domingo said the ministers also called for the timely implementation of activities in the Asean Strategic Plan of Action for SME Development 2010-15, the region’s framework for SME development.
“There is a collaborative effort in Asean to push for SME development. Our growing relationship with Asean benefits our own SMEs and exporters in terms of low tariff on intermediate goods. Our growth in trade within Asean has contributed to our economy’s resiliency,” Undersecretary for International Trade Adrian S. Cristobal Jr. said.
Asean, currently populated by about 600 million people and with a combined gross domestic product (GDP) of $1.5 trillion, is seeking to establish the Asean Economic Community by 2015.
Aside from the Asean Free Trade Area, the region also has agreements with China, Japan, Korea, Australia, New Zealand and India.
Domingo said one initiative that will help the SMEs is the “self-certification” option for exporters.
“Self-certification is practiced in the European Union and other developed economies where exporters, once certified by authorities to possess the capacity and competence, will be allowed to certify themselves in terms of rules of origin compliance and product shipments that qualify for preferential tariff rate under a free trade agreement,” Domingo said.
Asean member-states are currently taking advantage of capacity building projects for self-certification under the Asia Pacific Economic Cooperation technical assistance programs. The ministers agreed to extend the implementation of the Self-Certification Pilot Project to October 31, 2012.
