Business leaders from the
Asia-Pacific are set to present to APEC Ministers Responsible for Trade (MRT)
the APEC Business Advisory Council (ABAC) COVID-19 Report, which contains the
Council’s recommendations to respond to the immediate impacts of the pandemic,
and lay the groundwork for economic recovery and build resilience in the
region.
APEC Ministers Responsible for Trade
are scheduled to meet virtually on Saturday, 25 July, to discuss how to address
the challenges brought about by the COVID-19 pandemic and navigate the region
towards a path of hastened recovery.
To respond the immediate impact of
the pandemic, ABAC Chair Dato Rohana Tan Sri Mahmood underscored the need to keep markets for goods, services and investment open. “A global pandemic requires a coordinated
global response”, she noted. “In a
deeply integrated and interconnected world, it does not make sense for any
economy to seek to be self-sufficient in the essential tools to fight the
pandemic. Open and non-discriminatory markets will ensure that goods and
services can reach those in most urgent need”, she continued. Likewise,
continued investment in the region will be important to countering the economic
fallout from the pandemic.
“We must intensify efforts to enhance the financial inclusion of MSMEs
and their participation in international trade through a more robust enabling
environment and capacity building for digital transformation”, Dato Rohana
noted.
The
COVID-19 pandemic has highlighted the importance of a robust digital
connectivity to promote economic participation and drive inclusive growth. APEC economies should foster the
development of more secure, accessible and affordable digital infrastructure
for all and of free and secure flows of data across borders
There should also be a
commitment to sharing research findings and vaccine solutions on a free and
open basis.
Trade needs to play a
central role in economic recovery. “Now more than ever, we need to stay the
course on trade and investment liberalization and not regress from free trade”,
Dato Rohana stated. “We need to
constantly remind ourselves that the pursuit of open markets in the region has
lifted millions of people out of poverty and not turn our back on
globalization.”
APEC economies must work collaboratively
to plan for the re-opening of borders.
ABAC proposes the establishment of a temporary APEC coordination body as soon as possible to
provide guidance for the orderly re-opening of borders and development of
quarantine protocols. This body would collaborate, share information and evaluate
available data against agreed criteria, that would enable all APEC economies to
assess when and how to open borders and fully reconnect with other economies as
safely as possible.
The full text of the ABAC
COVID-19 Report may be viewed at:
http://www2.abaconline.org/assets/ABAC_COVID-19_Report.pdf
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APEC Member Economies: Australia; Brunei
Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Korea;
Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia;
Singapore; Chinese Taipei; Thailand; United States of America; and Viet Nam.
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.
Under Malaysia’s leadership, ABAC is pursuing a work program under the
theme “Integration. Innovation. Inclusion.” to respond to the challenge of
maintaining the economic vitality of the Asia-Pacific Region and ensure it
benefits all.
ABAC 2020 Chair is Dato Rohana Mahmood and the Co-Chairs are Richard von
Appen (Chile) and Rachel Taulelei (New Zealand), with five (5) working group
chairs, namely: Sir Rod Eddington, Regional Economic Integration Working Group
(REIWG); Nobuhide Hayashi, Finance & Economics Working Group (FEWG); Hafimi
Abdul Haadi, MSME & Entrepreneurship Working Group (MSMEEWG); Ning Gaoning,
Sustainable Development Working Group; and Peggy Johnson, Digital &
Innovation Working Group (DIWG)
For further information please contact:
Mr. Syazwan Zainal, ABAC Malaysia Centre, Tel: +60 12 261 9959, Email: syazwan@abacmalaysia.org.my
Mr. Antonio
Basilio, Director, ABAC Secretariat, Tel: (63 2) 8845 4564, Email:
abacsec@pfgc.ph
