The Asia-Pacific Economic Cooperation (Apec) will push for the easing of import licensing to encourage more small enterprises in global trade.
Apec Committee on Trade and Investment Chairman Marie Sherlyn D. Aquia stressed that, with the falling tariff across the Asia-Pacific region, measures controlling the entry of foreign goods at the border are increasing.
From August 15 to 28, trade and regulatory officials in Asia Pacific will meet in Lima, Peru, for technical meetings.
In these technical meetings next month, Apec member-economies will be looking at policies to improve import licensing.
“Businesses that trade in international markets must contend with import licensing that can involve hard-to-understand rules and considerable paperwork,” Aquia said.
“The problem is import licensing schemes are increasingly difficult to comply with and their impact on trade threatens to become more pronounced,” she added.
Aquia mentioned that easing import regulations, particularly eliminating unnecessary requirements, will cut the cost of trading across borders.
“Apec and the private sector are working together to build awareness and technical cooperation to tackle excessive import licensing. The move toward simple and transparent regulation of imports in the region is vital to increasing cross-border trade and maximizing the participation of small businesses, particularly within opportunity-rich production and supply chains,” she said.