This Business Ethics for APEC SMEs Initiative is a public-private partnership with the aim of strengthening ethical business practices in the medical device and biopharmaceutical sectors. It is overseen by the US Department of Commerce and is supported by member economies of the Asia-Pacific Economic Cooperation forum (APEC).

The initiative fosters implementation of the APEC Principles for Voluntary Codes of Business Ethics in the Medical Device Sector, otherwise known as the Kuala Lumpur Principles, and the Mexico City Principles for Voluntary Codes of Business Ethics in the Biopharmaceutical Sector. The initiative aims to provide APEC member economies and SMEs with the tools and resources they need to achieve the commitments of the Nanjing Declaration 2020 and Vision 2025.

According to the APEC Project Database, by 2019 nearly 2,000 stakeholders had been trained and more than 18,000 companies (13,000+ SMEs) across every APEC economy had adopted high-standard codes of conduct. The initial focus on codes of conduct has now expanded to strengthening ethical practices across the health economy, including through “Consensus Framework” agreements in APEC economies.