Members of the APEC Business Advisory Council (ABAC) called on leaders to show leadership on further liberalization of trade in goods and services as well as investment flows. As planed, these issues will be discussed in their annual dialogue with APEC leaders on November 10th.
Some of 20 recommendations were completed and ready to propose to their leaders, focusing on three major topics: the enhancement of regional economic connectivity; the enhancement of creation renovation and the global sustainable development including small and medium enterprises (SMEs) and micro enterprises; and the completion of the Bogor Goals by 2020.
Photo: Dinh Tang/CPV
As commerce is the lifeblood of the region and business is the engine of economic growth, Mr Hoang Van Dung, Standing Vice Chairman of the Vietnam Chamber of Commerce and Industry, ABAC Chair 2017, stressed the role of tackling structural reforms and non-tariff barriers, as well as encouraging cross-border investment and maintaining the commitment to make the Free Trade Area of the Asia-Pacific a reality.
“We are seeing broad based economy recovery regionally and globally. The IMF and OECD have projected that global GDP will increase by 3.7% next year, up from just over 3% in 2016”.
But just as this recovery has taken longer to emerge from the 2008 crisis, members need to create a more accommodative environment for sustained and inclusive economic growth in the region to ensure that they do not lose momentum. Therefore, stronger action on deeper structural reform to boost productivity, wages and skills, and putting in place the right domestic policies will enable people and business to adjust to a more globalized world.
“Our communities at all stages of development can benefit hugely from the digital revolution. But we can not let a “digital divide” leave behind the more vulnerable. A regulatory environment that enables the movement of data and information across borders while also safeguarding privacy and security appropriate is needed “, he said.
Mr Dung also emphasized that ABAC members were united in support for the rules-based global trading system looking ahead to December’s WTO Ministerial Meeting in Buenos Aires.
While Mr David Toua, President of the Business Council Papua New Guinea, ABAC Co-chair 2017 and ABAC Chair 2018 informed that the upcoming meeting will concentrate on the role of women in economic development, the importance of women-led enterprises and gender equality./.
Established in 1995, meeting four times per year, this private sector body presents recommendations to APEC leaders in an annual dialogue and advises APEC officials on business sector priorities and concerns.
ABAC comprises up to three senior business people from each APEC economy and the appointments are made by the Leader of the member economy concerned. The Chair of ABAC comes from the economy that is hosting APEC and therefore changes annually. ABAC represents a diverse range of sectors and includes small and large enterprises.