The last meeting of the APEC Business Advisory Council for 2007 was held in Sydney, Australia on 2-6 September when they delivered their 2007 ABAC report to Leaders. Leading business people from around the Asia-Pacific discussed a range of important issues to the region, including the need for improved access to trade and addressing the challenge of climate change and energy security.
They also canvassed measures to improve the flow of trade and investment within the region, including the harmonization of standards; the need for flexible responses from APEC central banking agencies; and preparation by government and businesses for economies to be equipped to deal with potential pandemic threats.
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, to spread the benefits of globalization more widely between and within APEC economies.
The first 2008 meeting took place in Jakarta, Indonesia, from January 20-23 where ABAC members held a dialogue with APEC Senior Officials focusing on improving synergy with the APEC intergovernmental process. ABAC agreed in Jakarta that its major priorities will include further exploration of the concept of a Free Trade Area of the Asia-Pacific (FTAAP), the WTO Doha Development Round, energy security and climate change, business facilitation and SME development.
Given the importance it has placed on capital market development, in 2008 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 will focus on social security and safety net issues, the deepening and strengthening of capital markets, and better infrastructure and regulation.
Acknowledging the vital role that SMEs play in APEC economies, ABAC will focus on SME development through the promotion of technology-enabled growth, facilitating financing to SMEs and the organization of the 2nd ABAC SME Summit in Hangzhou, China, the 2-3 August.
The second 2008 ABAC meeting willl take place in Moscow, from 12 - 14 May 2008.
