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The importance of support groups to facilitate the globalisation of SMEs was recognised by APEC member economies.

"Globalisation allows enterprises to source and produce in the most cost- effective manner, and to widen their market access," Miss Yue said.

"However, SMEs, with their limited resources and capabilities, are not best- positioned to take advantage of the opportunities presented by globalisation.

"Support groups, with their day-to-day interface with SMEs, are more attuned to the changing needs of SMEs and are best placed to react flexibly and pragmatically to problems and challenges faced by SMEs."

APEC member economies welcomed the increasing participation of the private sector and encouraged greater business involvement in the APEC SME Action Program.

In the ministers/private sector session, ministers found their dialogue with business representatives from the third Asia-Pacific Business Network on issues of concern to SMEs extremely productive. Mr Denis Lee Wing-kwan and Mrs Rosa Hung Shum Kan-fong of Hong Kong's Small and Medium Enterprises Committee took part in the session.

At the end of the meeting, APEC ministers in charge of SMEs issued a joint statement reaffirming the commitment to contribute to the APEC goals of free and open trade and investment and enhanced economic and technical co-operation in the region.

goals.

The joint statement also sets out the direction of future actions to achieve those

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