Issued by the APEC Business Advisory Council
Key business leaders of the Asia Pacific region have agreed that it is now time for APEC to take more decisive actions towards establishing a Free Trade Area of the Asia Pacific (FTAAP) in view of the financial crisis and the stalled Doha Round negotiations. The APEC Business Advisory Council (ABAC) met in
ABAC members expressed caution about signs of the economic recovery and urged Leaders to take steps to ensure that this is sustained. They believe that this can be done if economies resist protectionism, promote global demand rather than just domestic and that they take the opportunity to undertake economic reforms. And that setting a firm timeframe for bringing a FTAAP into reality would send a very strong signal about APEC’s commitment to accelerating the integration of their economies.
“We believe that APEC is in a position to be the champion of free and open trade. Our vision of a FTAAP would not just cover trade but encompass services, investments and behind-the-border issues of concern to business. We see it as an instrument for bringing about inclusive growth where no one is left behind.” said Mr. Teng Theng Dar, the ABAC Chair of 2009.
ABAC also sees the successful conclusion of the Doha Round no later than 2010 as not only providing a major stimulus to global trade and investments but also to deal effectively with persisting protectionism.
Recognizing the upcoming negotiations in
In a separate communications to APEC Finance Ministers, ABAC urged more dialogue on regulatory changes regarding capital requirements and financial reforms.
ABAC brings together up to three business leaders appointed by each of their Leaders of the APEC’s 21 economies. They provide APEC Leaders with information regarding the priorities and concerns of the business sector in the region.
For more information, please contact:
Mr. Martin Yuoon, ABAC Executive Director 2009, Tel: (65) 6827-6886, Email: firstname.lastname@example.org
Mr. Antonio Basilio, ABAC Secretariat, Tel: (63 2) 845-4564, Email: email@example.com
Ms. Tran Bao Ngoc, APEC Secretariat, Tel: (65) 6891 9616, Email: firstname.lastname@example.org