Corruption costs MSMEs entry into global market

Iloilo City, Iloilo—Ministers of the Asia-Pacific Economic Cooperation (Apec) recognized on Friday that corruption and unethical business practices hamper micro, small and medium enterprises (MSMEs) from entering the global market. 

“We agree that corruption and unethical business practices act as a significant market access barrier for MSMEs, which disproportionately impact on their ability to succeed,” the ministers said in a statement on Friday.

“We agree that Apec economies must continue to address these barriers as they undermine innovation, job growth, economic stability and cross-border trade.”

The ministers also commended the progress of the Apec Business Ethics for SME Initiative in addressing unethical practices in sectors of export interest to MSMEs.

They also congratulated the medical device and biopharmaceutical sectors for achieving the Nanjing Declaration’s goal of doubling the number of industry associations that adopted the code of ethics from, 33 to 66.

Also, the Apec ministers recognized the importance of intellectual-property assets, such as brands and trademarks for MSME growth and expansion.

“Enhanced knowledge of intellectual property and IP valuation and commercializations can assist MSMEs develop competitive and global brands,” they said.

“We also recognize the importance of assisting MSMEs in growing their brands through IP awareness and protection and inclusion of necessary measures for the effective use of IP assets by MSMEs.”

The ministers concluded on Friday their discussions for the 22nd Small and Medium Enterprises Ministerial Meeting. They also launched on Friday the Iloilo Initiative that detailed future works to be done to make MSMEs globally competitive and join the value chain. PNA