Apec finance chiefs are working on package of measures to improve access to capital markets for small businesses in a bid to boost the competitiveness of the sector in the 21-economy bloc.
A meeting of senior central bank and finance ministry officials in the Philippines has hammered out the basis of an agreement to be signed later in the year.
Small businesses account for more than 97 per cent of firms and half of the employment in Apec economies, but generate less than 35 per cent of their direct exports.
Finance ministry and central bank deputies from members of the Asia-Pacific Economic Cooperation forum concluded a four-day meeting in Tagaytay, Philippines, on Tuesday.
“An enabling financial sector that is sufficiently integrated, transparent and shock-resistant, and meets changing infrastructure needs, is part and parcel to building inclusive, resilient economies and what we are working towards in Apec,” Philippine Treasurer Roberto Tan said.
The meeting called for developing and linking credit information bureaus among Apec economies to provide credit information on potential borrowers and allow for easier analysis of risks and faster financing access, to benefit small and medium-sized enterprises. At present, only a third of Apec economies have a bureau in place.