KUALA LUMPUR, Sept 23 – e-Commerce has significantly lowered entry barriers and operating cost for businesses, particularly benefitting Micro, Small and Medium Enterprises (MSMEs), said Second International Trade and Industry (Miti) Minister, Datuk Seri Ong Ka Chuan.
Leading the Malaysian delegation to the Seventh Asia Europe Meeting (Asem) of Economic Ministers (EMM7) and chairing the Second Plenary Session in Seoul (South Korea) recently, he said that e-Commerce had become increasingly a vital element of the global economy.
“In a globalised world interconnected through information and communication technology, e- Commerce plays a key role, not only in domestic and cross-border trade, but also towards facilitating foreign investments through the supply of intermediary services,” Ong added.
In a statement, Miti said the EMM7 was attended by economic and trade ministers and representatives from 21 Asian and 30 European countries, as well as the European Commission and Asean Secretariat. The meeting also saw the participation of the World Trade Organisation (WTO), the Organisation for Economic Cooperation and Development, the United Nations Industrial Development Organisation and the Asian Development Bank.
Themed, “Reconnecting Asia-Europe: Innovative Partnership for Inclusive Prosperity”, the EMM7 discussed the topic of Facilitating and Promoting Trade and Investment: Strengthening Economic Connectivity and Sustainable and Inclusive Growth. Miti said the during the meeting, Ministers reaffirmed the leading role of MSMEs in job creation, economic growth, and prosperity in both developed and developing countries.
“MSMEs should make the best use of the opportunities provided by digitalisation and innovate themselves to be small, fast and strong competitors in the global arena on a level playing field,” it added. It said the Ministers expressed strong support to internationalise MSMEs by fostering their participation in regional and global value chains.
“This could be achieved by providing better access to information, improving their access to local digital infrastructure and enabling them to reap the benefits of free trade agreement networks. The Ministers also encouraged officials in charge of MSME policies within the Asem region to share best practices and related knowledge in the appropriate fora, including at the WTO,” Miti added. — Bernama
