Business Leaders of Asia-Pacific
Focus on Making Globalization an
Opportunity for All
“Mind the gap: making globalization an opportunity for all” will be the focus of business in 2008, APEC Business Advisory Council (ABAC) Chair Juan F. Raffo said. “ ABAC will seek to make recommendations for concrete measures o transform growth into lasting development, in order to spread the benefits of globalization more widely between and within APEC economies. Our major priorities will incluce further wxpolring the concept of a Free Trade Area od the Asia-Pacific (FTAAP), the WTO Doha Development Round, Energy Security and Climate Change, Business Facilitation and SME Development.”
ABAC, which held its First Meeting for 2008 in Jakarta, Indonesia from January 20-23 to set its priorities for the year also held a dialogue with APEC Senior Officials to ensure synergy with the APEC intergovernmental process. The Council, which is made up of senior business leaders, was established in 1996 to provide business inputs to APEC’s goal of achieving closer regional economic integration.
ABAC members were receives by His Excellency, Dr. Susilo Bambang Yudhoyono, President of the Republic of Indonesia, who encouraged them to continue to promote the spirit of Bogor and build a real Asia Pacific Community that meets the challenges of the 21st century.
“Achieving trade and investment liberalization and facilitation remains the focus of APEC even while its agenda has deepened and broadened”, said Raffo. “A key priority in ABAC is how to move the Doha Round forward while at the same time examining other options for keeping the momentum of liberalization in the regions.” An interactive session that featured Indonesian Trade Minister Mari Pangestu and experts from the region tackeld the subject of “Changing Regional Architecture in East Asia and the Amricas” and examined issues and otions on how to strengthen regional economc integration, includinga further development of the Free Trade Area of the Asia Pacific initiative.
On facilitation, ABAC will contribute to the development of APEC’s Second Trade Facilitations Action Plan to achieve a 5% reduction in transaction costs and will introduce ways to measure achievement of this goal. Addressing “behind-the border” issues to develop ease of doing business will also be a priority. ABAC will also be considering recommendations relating to the implications for business of labor supply arising from demographic changes of population.
Energy Security and climate change is going to be a major priority for ABAC this year. It will focus on concrete measures to achieve an APEC-wide regional aspirational goal of reduction in energy intensity of 25% by 2030.
The 2008 agenda will focus on social security and safety net issues, the deepening and strengthening of capital markets, and better infrastructure an regulation.
Acknowledging the vital role that SMEs play in APEC economies, ABAC will focus on SME development through the promotion of technology enabled growth, facilitating financing to SMEs
and the organization of the 2nd ABAC SME Summit in Hangzhou, China, in August. A workshop
on microfinance discussed the development of a commercially sustainable microfinance industry in the region and generated proposals for policy reforms and capacity building measures that could be undertaken by APEC, in collaboration with the private sector. Finally ABAC will work on digital contents protection and cooperation on patents, as well as elaborate a practical
approach to eliminate the digital divide in the region.
ABAC meeting in Jakarta, 21st – 23rd January 2008.
Closing Session on ABAC meeting.
