The Asia-Pacific Economic Cooperation (APEC) on Sunday launched an online database especially for micro, small and medium enterprises in its member economies to better access cross-border trade in the region.
The APEC Trade Repository (APECTR), according to Ceferino Rodolfo, assistant secretary of the Industry Development Group of the Department of Trade and Industry, served as a single online reference point on APEC economies' trade and tariff mechanisms with the objective of further promoting APEC's work on transparency, connectivity and trade facilitation.
The APECTR was built on the existing APEC Web Trade Repository and information including most-favored-nation tariff rates, preferential tariff rates, rules of origin on existing free trade agreements, best practices in trade facilitation, domestic trade and customs laws and regulation and procedures and documentary requirements for imports and exports will be available in the newly launched database.
The proposal of the APECTR was first presented by the Philippines in February 2015 and the APEC in September adopted the initiative to launch the database during the upcoming APEC Economic Leaders' meeting.
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