Ferliza Calizar-Contratista
CEBU CITY, September 9 (PIA)
--- A much stronger focus on promoting economic growth through structural
reform was the agreement reached during the recently-concluded Asia
Pacific Economic Conference (APEC) Structural Reform Ministerial Meeting
(SRMM).
Led
by the Socioeconomic Planning Secretary of the Philippines Arsenio Balisacan,
the ministers and high level officials of APEC economies held a press
conference reiterating their agreement to push for structural reforms.
Structural
reform is about changing government policies and regulations so that economic
transactions can be done efficiently.
Balisacan
said the group agreed to endorse a work program they will follow in the next
five years which is embodied in the Renewed APEC Agenda for Structural Reform
(RAASR).
The
work program covers five areas which will stimulate balanced and sustainable
growth and reduced inequality.
First
was the relationship between structural reform and inclusive growth, Balisacan
said.
“When
correctly implemented, it can provide for enhanced inclusion of hitherto
underrepresented groups, firms and regions by providing more opportunities to
participate in and benefit from the growing economy,” Balisacan said.
Second
is about structural reforms and innovation which will pave the way for policies
that are needed to address middle income trap and slowing growth potential in
their economies.
Next
is the area on Services, which he said is one of the priorities of APEC.
“There
has to be structural reforms on Services which is highlighted in the APEC
Services Cooperation Framework,” he said.
There
will also be tools for structural reform which include promotion of international
regulatory cooperation and use of international legal instruments to strengthen
legal infrastructure.
Under
tools, APEC economies will also undertake a self assessment of barriers and
competitions including review of current competition laws and policies.
And
also, Balisacan said they agreed that there will be new directions based
on the review of the RAASR every two years until 2020, under which they will
adopt a more quantitative measure.
And
lastly, the ministers agreed to push for ease in doing business (EoDB) which
they hope will be improved by 10 percent in 2018.
An
APEC EoDB plan Implementation Plan will also be drafted and used to guide
capacity-building over the next three years.
The
SRMM was held the last two days in Cebu following the Senior Officials Meeting
which was conducted in the last 20 days.
Over
80 APEC meetings were done in Cebu Province. (rmn/fcc/PIA7-Cebu)
- See more at:
http://news.pia.gov.ph/article/view/2441441708463/apec-21-push-for-stronger-structural-reforms-for-inclusive-growth-#sthash.XdbIfdrq.dpuf