Business leaders express concern over failed WTO talks
The 2006 Chair of the APEC Business Advisory Council (ABAC), Hoang Van Dung, from Viet Nam voiced the sentiments shared by ABAC Members.
"The failure of the Doha negotiations will hurt economic growth in the Asia-Pacific and dampen the potential for continuing rapid economic growth and prosperity," Mr. Dung said.
"I have written today to APEC Leaders urging them to resume negotiations to complete the Doha Round and to find common ground on outstanding issues.
"It is critical that negotiators are directed to get the DDA restarted as soon as possible."
As part of its efforts to restart the stalled negotiations, ABAC is arranging for representatives to visit Geneva in September to join with European business organisations in pressing for a meaningful outcome from DDA negotiations.
The ABAC Meeting in Cebu marked the tenth anniversary of the business forum and included the participation of the President of the Philippines, Gloria Macapagal Arroyo and several leading business, academic and government figures from around the region.
"We have had the benefit of input by several speakers such as Prof. Jagdish Bhagwati and Dr. Supachai Panitchpakdi, amongst others," Mr. Dung said.
"This 10th anniversary meeting of ABAC placed a great deal of emphasis on the importance of resolving to deliver the greatest benefits to the widest cross section of their communities".
ABAC is part of Asia Pacific Economic Cooperation (APEC) which comprises 21 of the world's largest economies including the United States, Japan and China, and accounts for around 56 per cent of world GDP and nearly half of world trade.
The next ABAC Meeting will take place on November 14-16 in Ha Noi, Viet Nam, just prior to the APEC Leaders Meeting when ABAC will present Leaders with its annual report and recommendation.