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Commerce is the lifeblood of the region and business is the engine of economic growth. Recognizing the important role of business and the benefit of getting representative business advice on key issues, APEC Leaders in 1995 established the APEC Business Advisory Council (ABAC). This private sector body offers 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. ABAC represents a diverse range of sectors and includes small and large enterprises. Council members are appointed directly by Member Economy Leaders to serve on the Council.
The Chair of ABAC comes from the APEC Member Economy that is hosting APEC and changes annually.
Achievements
Chaired by Peru in 2008, ABAC's main theme is "Mind the Gap: Making Globalization an Opportunity for All." Its focus is on making recommendations for concrete measures to transform growth into lasting development, and to spread the benefits of globalization more widely between and within APEC economies.
At its second meeting of 2008 held last May in Moscow, ABAC members discussed current economic and business issues and advanced its preparations for a report to be presented later this year to Leaders of the 21 APEC economies. The key areas of discussion were the global credit market contraction; impacts of shortages in the supply of basic food products and subsequent marked increases in prices; and the situation in the Doha Development Agenda round of multilateral trade negotiations.
Conveying the views of business, ABAC sent a letter to APEC Ministers of Finance on how the Ministers, central banks, and regulatory bodies should collaborate and respond to the problems which have been exposed in recent months, especially the implications on the regional economy of the global credit market contraction.
ABAC also urged APEC Ministers Responsible for Trade to liberalize trade in environmental goods and services on a multilateral basis, considering that this would be a valuable and practical step to complement the significance APEC Leaders have attached to addressing climate change and energy security.
ABAC discussed the human and economic implications of the drastic increases of food-prices in the APEC region, and communicated its concerns to Ministers of Trade, calling for renewed attention to the policies and programs in the APEC Food System (AFS).
Given the importance it has placed on capital market development, ABAC will further develop a multi-year strategic roadmap for wealth creation, poverty reduction and stability in the APEC region's capital markets. The 2008 agenda focuses on addressing social security and safety net issues, deepening and strengthening capital markets, and improving infrastructure and regulation.
Acknowledging the vital role that SMEs play in APEC economies, ABAC focused on SME development through the promotion of technology-enabled growth and the facilitation financing to SMEs by organizing the 2nd ABAC SME Summit in Hangzhou, China on 2-3 August 2008. The summit attracted some 10,000 SMEs and 350 media people from around the region.
ABAC agreed to seek Leaders' re-endorsement of the APEC Food System (AFS) as the principal mechanism by which APEC should seek to address current and anticipated future food challenges in APEC.
At the meeting, the ABAC Council also reiterated the position taken by ABAC members on the issue of corporate social responsibility (CSR) stating that it is strictly a business activity; that it is voluntary; and that it should not be mandated or legislated.
ABAC Report to APEC Economic Leaders
ABAC provides an
annual report to APEC Economic Leaders
containing recommendations to improve the business and investment environment in the APEC region, and outlining business views about priority regional issues.
APEC Business Advisory Council - Key Contacts
ABAC Chair 2008
Mr. Juan Francisco Raffo
Chairman RAFFO Group
Calle Jose Granda 167, San Isidro, Peru
Tel: (51 1) 442 9202
Fax: (51 1) 442 9151
Email:
jraffo@comexperu.org.pe
ABAC Executive Director 2008
Ms. Alicia Mac Lean
Executive Director
ABAC Peru
(511) 422 5784
Email: amaclean@comexperu.org.pe
ABAC Secretariat
Mr Antonio Basilio,
Director for Operations
43/F. Philamlife Tower
8767 Paseo de Roxas
Makati City, 1226 Philippines
Tel: (632) 843-6001/ 845-4564;
Fax: (632) 845-4832
E-mail:
abacsec@pfgc.ph
APEC Secretariat
Mr Jorge A. Iglesias
Director (Program)
E-mail:
jai@apec.org
Achievements
Key Contacts
ABAC Annual Report to APEC Economic Leaders
APEC Business Advisory Council Brief TO SOM (2007)
(PDF,331 Kb)
ABAC Online
