Philippine micro, small and medium enterprises (MSMEs) can raise their chances of going global and improve their opportunities for growth by joining the Asia-Pacific Economic Cooperation (Apec) MSME Marketplace, an online portal that seeks to support the globalization of MSMEs in the region.
The Apec MSME Marketplace (https://www.apecmsmemarketplace.com/) serves as an online portal where MSME exporters and importers can network with small and large businesses, gather information on trade regulations, and find training and resources for their business, according to the Apec.
By registering, MSMEs can have bigger potentials to sell their products directly to the customer, buy directly from the producer, find partners, ensure additional advertisement for their products, and ensure secure trade through regulations in force on the Apec marketplace, according to a recent presentation at a capacity building workshop on using the portal.
The marketplace can facilitate business networking and matching for MSMEs.
For exporters, they can participate in business-matching activities, and their profiles in the MSME directory can be viewed by buyers from the Apec and partner economies who may wish to connect with them.
Through matching opportunities, MSME participation in cross-border e-commerce will also be promoted.
MSME awareness can also be enhanced. They can become more informed about various procedures and regulations in the international trade and take advantage of the many resources including financing support available to them, as well as a toolkit on SME business continuity planning.
Sources of information found on the site include the Apec Trade Repository, the World Trade Organization, International Trade Information Portal and the International Trade Centre’s Market Access Map.
The portal can also provide MSMEs access to information on new nontariff measures or NTMs. This facility will also allow MSMEs to share their views on proposed regulatory frameworks so governments and international trade bodies can gain insights for the development of policies relevant and helpful to MSMEs.
The Apec MSME Marketplace can also improve the mechanism for knowledge sharing and capacity building activities for enterprises.
“This portal can help inspire partnerships, innovation, and linkages between MSMEs and LEs, thus increasing the potential and avenues for MSME internationalization,” said Apec.
“This will feature stories or cases featuring transformative partnerships on how MSMEs have been engaged by LEs and exporters in their value chains. This pillar will feature information on inclusive business models, cases of successful MSMEs export businesses, lessons extracted from successful experiences of internationalization and, cooperation among economies, between public and private sectors, and international organizations that helped hurdle barriers of MSMEs or advance their participation in global trade and value chain participation.”Many of the participants in the workshop organized by Apec, Department of Trade and Industry, and Ministry of Economic Development of the Russian Federation welcomed the information about the Apec MSME Marketplace, saying this was the first time they had heard of the portal.