ABAC Calls for APEC to Lead in Advancing the Doha Round
"Unequivocal support for APEC action to stimulate progress in the WTO's Doha Development Agenda is a top priority for the APEC Business Advisory Council", said Dr Viphandh Roengpithya, Chair of the APEC Business Advisory Council at the conclusion of the Council's third meeting for the year.
With the WTO Ministerial Meeting scheduled for September in Cancun, the Council considered that APEC's collective strength could be leveraged to ensure progress, particularly in sensitive areas that may require a boost to spur on negotiations.
To ensure that all APEC economies benefit from the agreements reached in the Doha Development Agenda, the Council also expressed strong support for the accession of Viet Nam and Russia to the WTO.
Dr. Viphandh said that during periods of economic slowdown and uncertainty it is imperative that APEC economies show leadership in advancing free, open and transparent trading systems on a multilateral basis.
ABAC stressed that APEC was also in a position to achieve progress on liberalization in other areas, such as transportation, and implementation of the APEC Food System that is designed to overcome impediments to trade in food products.
"To better address concerns about the ability of APEC members to meet future economic and financial challenges, ABAC would also like to see greater cooperation in specific areas, including strengthening of financial systems, addressing the impact of the security environment and promoting transparency and good governance," Dr. Viphandh said.
"ABAC is looking to boost private sector and business sector cooperation by establishing an APEC Public-Private Sector Advisory Group for financial sector capacity building."
"This group will help build the regional infrastructure for the business community and governments to work together to ensure there are no gaps in financial systems, capital markets and institutions that could become major issues."
Other priorities identified by the Council included the need for micro enterprises and small and medium sized businesses, as engines of growth in the region's economy, to gain access to financing and new technology.
Serious concerns were also expressed by the Council over proposed new customs regulations in major economies that may undermine the ability of APEC to reach its 2006 trade facilitation targets.
ABAC is made up of three representatives of each of APEC's 21 Member Economies and meets several times each year. At these meetings ABAC assesses developments and key issues facing the regional economy and provides recommendations to APEC Leaders and other participants in the APEC process.
The next ABAC Meeting is scheduled for October 18 in Bangkok prior to the APEC Economic Leaders' Meeting.