“This is a fragile time for the global economy. Expanding trade and investment liberalization and undertaking structural reform are the keys to achieving a more stable growth trajectory for the economies in the Asia-Pacific region.” This is the key message that the APEC Business Advisory Council (ABAC) will convey to APEC Ministers of Trade when they gather next month in Arequipa in Peru.
“Structural reform promotes good governance. That leads to sound policy and regulation which enhance the flow of trade and investment, spurs new sources of growth such as the services sector, raises productivity and promotes innovation,” said Juan Raffo, ABAC Chair 2016. “Addressing behind-the-border barriers through regulatory reform reinforces the progress we are making in lowering barriers at the border. It benefits large businesses and assists micro, small and medium enterprises (MSMEs) as well.”
Since its inception, ABAC has placed great importance on the role of MSMES in driving entrepreneurship and employment. The Business Council will call on APEC to expand efforts to promote MSMEs access to global markets, new technologies and finance. To emphasize that point, ABAC co-sponsored an E-Commerce in SME Summit on the margins of this meeting that attracted more than 700 participants from the PNG MSME sector.
ABAC members will submit to Ministers detailed recommendations that promote foreign direct investment, strengthen food security, achieve strong and deep connectivity and uphold the rule of law - all of which are fundamental to sustained quality growth.
ABAC was created by APEC Leaders in 1995 to be the primary voice of business in APEC. Each economy has three members who are appointed by their respective Leaders. They meet four times a year in preparation for the presentation of their recommendations to the Leaders in a dialogue that is a key event in the annual Leaders Meeting. ABAC was created by APEC Leaders in 1995 to be the primary voice of business in APEC. In 2016, Under Peru’s leadership ABAC is pursuing a work program under the theme “Quality Growth and Human Development” to respond to the challenge of maintaining the economic vitality of the Asia-Pacific Region and ensure it benefits all. There will be four tracks: consolidating progress towards the Free Trade Area of the Asia-Pacific; facilitating MSME development through access to global markets and new technologies; promoting economic growth, diversification and sustainability; and strengthening the rule of law and economic and social sustainability.
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