ABAC held its Second Meeting for 2008 in Moscow, from 12th to the 14th May. At the meeting, Members discussed current economic and business issues; advanced its preparations for a report to Leaders of the 21 APEC economies later this year; and exchanged views on policies and programs across a wide range of topics of concern to regional business leaders.

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..

The implications on the regional economy of the global credit market contraction were discussed at length. ABAC is sending to APEC Ministers of Finance the views of business on how Ministers of Finance, central banks, and regulatory bodies should collaborate and respond to the problems exposed in recent months. Every effort should be made to avoid protectionist reactions.

The current drastic increases of food-prices and accompanying protests and the widespread unease that has arisen regarding future food security are a growing concern. ABAC discussed the human and economic implications of the issue in the APEC region, and is communicating its concerns to Ministers of Trade, calling for renewed attention to the policies and programs in the APEC Food System (AFS).

The AFS, providing for comprehensive programs for rural development and food security, was adopted by APEC Leaders in 1999. ABAC considers that in developing long term solutions to the current crisis governments should draw on the AFS provisions.