Asia-Pacific
business leaders are urging APEC governments to work together to overcome the
COVID-19 pandemic and to adopt a strong Vision that demonstrates APEC members’
collective commitment to international cooperation and serves as a framework
for the sustained economic recovery and growth of the region.
The
APEC Business Advisory Council (ABAC) met virtually today, in the lead up to
the meeting of APEC Economic Leaders on 20 November 2020.
“These are
unprecedented times, demanding bold responses. The world faces the greatest
health and economic crisis of a hundred years,” said the Chair
of ABAC, Dato Rohana Tan Sri Mahmood. “These challenges demand cooperation,
coordination and collaboration. We are
strongest when we act together.”
Dato Rohana added that this was a major theme for ABAC. “We
are calling for a Free Trade Area of the Asia Pacific. The values
that have guided us this year – of integration, innovation and inclusion – are
critical to recovery for us all.”
“We want a region that responds collectively to shared challenges. A
region that values the connections between us – including free and open trade
and investment, and a dynamic digital economy.
Neighbours who help each other in times of need, respect each other’s
differences, and remain committed to greater inclusion and equity. A region that protects its natural
environment, including taking urgent action on climate change,” Dato Rohana
added.
Dato Rohana noted that these ideas underpinned the recommendations that
ABAC has conveyed in this year’s Report to APEC Economic Leaders.
Dato Rohana explained that ABAC’s Report builds on the recommendations
made in July to Trade Ministers on tackling the immediate crisis. She added that, crisis response remains a
pressing concern in many economies, and requires an ongoing focus on ensuring
access to essential medical supplies and services, including a vaccine; keeping
supply chains functioning and avoiding fragmented policy approaches, including
in the digital economy and the safe resumption of travel. These would serve to
revive the business activities and market demand that would accelerate global
economic recovery.
For the longer term, ABAC had focused on three main areas.
“First, economic integration has been APEC’s touchstone for quarter of a
century, and will be fundamental to a return to growth. That means building the foundations for a
Free Trade Area of the Asia-Pacific, and championing the multilateral
rules-based trading system, with the World Trade Organisation at its core.
“We need to prioritise policies that are conducive to international
trade, resist calls to undercut competitiveness with protectionist quick fixes,
and ensure that the WTO remains relevant and fit-for-purpose” added Dato
Rohana.
The second major area was innovation.
Dato Rohana added that the pandemic had dramatically demonstrated not only the importance of
digital connectivity, but also the need to target disparities in internet
access, digital skills and policies to foster an open, non-discriminatory and
coherent digital economy.
Finally, Dato Rohana noted that COVID-19 had simultaneously made greater
inclusion a more difficult goal to achieve, but also a more imperative
one. “We cannot ignore the issue of
rising inequality and the ever-greater discontent and loss of trust that it
fosters. In rebuilding now, we must lift
up the smallest of our businesses, women, our indigenous communities, youth,
and other disadvantaged groups,” said Dato Rohana. “Our economic recovery must
not leave these groups behind.”
She added that these elements would all go to building greater
resilience – especially as the region faced not only the risk of future health
crises, but also accelerating climate change.
“There is an urgent need to reverse the dramatic decline in the health
of our planet and embrace the transition to a low-carbon economy. We owe this to our people – to the
communities of future generations - and we cannot fail to take action,”
concluded Dato Rohana.
_______________________________________________________________________
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:
Ms. Kimberly Leong, ABAC Malaysia Centre, Tel: +60 3 2095 1136,
Email: Kimberly@abacmalaysia.org.my
Mr. Antonio Basilio, Director, ABAC Secretariat, Tel: (63 2) 8845 4564, Email:
abacsec@pfgc.ph
