ABAC to deliver ‘strong’ message at upcoming APEC leaders’ dialogue

BANGKOK: The Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) will stress the need for collaborative leadership and prompt action to hasten the economic recovery and ensure long-term growth prospects in a “strong message” to be delivered to leaders later this week.

ABAC Chair Kriengkrai Thiennukul proposed a range of actions to deepen economic integration, including supporting a stronger and more relevant World Trade Organisation (WTO) and accelerating the journey towards the Free Trade Area of the Asia-Pacific through a structured work programme that would deliver tangible benefits for businesses in the short to medium term.

“We are also seeking to integrate sustainability including the climate response across APEC’s growth agenda, including through practical actions such as enabling trade in environmental goods and services, and a new framework for trade and investment in renewable energy.

“We think business can play a fundamental role in helping to develop innovative ideas on climate change, supporting the transition to a sustainable, resilient, and low carbon economy for future generations, and supporting the Bio Circular Green Economy Model (BCG).

“We will impress on leaders that these challenges demand both leadership and decisive action from APEC economies. We, in the business community, are eager to contribute, collaborate and advance recovery to secure future growth,” he said.

This year, ABAC adopted the theme “Embrace. Engage. Enable”. Four meetings were held in Singapore, Canada, and Vietnam, and the last meeting was in Bangkok, Thailand, from November 13 to 16.

The working group will deliver the complete report to leaders at the APEC Leaders’ Dialogue with ABAC on November 18.

ABAC is the private-sector arm of APEC. The main mandate of this council is to deliver recommendations to APEC leaders in the annual meeting and to advise APEC members on the business sector’s concerns and important issues.

Kriengkrai said it is vital to enable the digital economy and promote digital transformation for resilience and growth, especially for Micro, Small, and Medium Enterprises (MSMEs).

“This year, ABAC delivered on cybersecurity, digital identities, data sharing, digital trade facilitation, health tech, and infrastructure with immediately actionable recommendations,” he said.