The Free Trade Area of the Asia Pacific (FTAAP) remains the preeminent economic priority for the Asia-Pacific business community.
ABAC I Media Release

APEC NEWS RELEASE Issued by
The APEC Business Advisory Council (ABAC)
Embracing challenges, engaging collectively and enabling opportunities are key to Asia-Pacific success, say business leaders
Singapore, 18 February 2022 – Asia-Pacific business leaders in the APEC Business Advisory Council (ABAC), meeting this week in Singapore, affirmed their determination to continue to work closely together in a complex, intertwined and rapidly-changing region.
ABAC Chair for 2022, and Chairman of the Federation of Thai Industries, Supant Mongkolsuthree, explained that ABAC’s theme was “Embrace, Engage and Enable”.
“The business community recognises that this is a time of great disruption, but also presents a great opportunity. We can leverage synergies from engaging collectively, embracing the challenges and enabling our communities, in order to realise the full potential of our region.”
The Chair added that this was a message that ABAC had underscored during a session with APEC Senior Officials. “This approach will take us a long way down the path to creating the open, dynamic, resilient and peaceful region that our Leaders foresaw in the APEC Putrajaya Vision 2040, which will be implemented through the Aotearoa Plan of Action starting this year.”
The Chair said that ABAC had also been honoured that Gan Kim Yong, Singapore’s Minister of Trade and Industry, had opened the ABAC meeting.
Turning to the Council’s priorities, the Chair said that the pandemic remained a central concern. “COVID is still a reality. But 2022 is our chance to embrace the new normal – by safely reopening borders through more equitable access to vaccination and more regionally-coherent approaches for travel, along with efforts to smooth out supply chain disruptions. We can also enable greater productivity and growth through boosting structural reforms.”
The Chair explained that future-proofing the region’s trade architecture was also essential. “APEC’s Leaders have set the goal of a Free Trade Area of the Asia-Pacific. The foundations have been laid – now we need to get building, utilising what we have learned about resilience, sustainability and inclusion throughout the pandemic. We also want to see a stronger, more relevant World Trade Organization emerging from the WTO Ministerial Conference this year.”
The Chair noted that climate change would be another major focus. “We will be drawing on our Climate Leadership Principles from 2021 to help embrace the transition to a low-carbon, green and circular economy in the APEC region,” he said. “We will also contribute to shaping the implementation plan for a sustainable, digitally-enabled and trade-friendly food system under the new APEC Food Security Roadmap.”
Finally, underpinning all of this work would be digital transformation. “We have already held a Digital Trade Symposium and will explore a range of other digital topics this year. Digital technologies can help to turbocharge a green recovery, drive trade expansion and create new opportunities – but we need to create the right enabling environment and infrastructure for that.
“This is particularly critical for micro, small and mid-sized businesses (MSMEs), women and other disadvantaged groups,” the Chair noted. “MSMEs, including women-led firms, make up the lion’s share of our business community and employment, but they have been hit hard by the pandemic. If we can build their digital capabilities and options, we can help unlock their potential. That will make a critical contribution to our overall economic recovery,” the Chair commented.
The Chair said that ABAC had welcomed the recent announcement from the Prime Minister of Thailand that the United States of America would host APEC in 2023 and Peru in 2024, noting that this strong leadership continuity was crucial to APEC’s aspirations for a better future for all.
“We call on APEC to facilitate the safe re-opening of borders to accelerate the much-needed economic recovery of the region, particularly for the MSME sector which have been disproportionately impacted by the restrictions on movement of people.”
“I look forward to working with my ABAC colleagues and others around the region to show that APEC is open for business, and ready for action this year and in the future,” the Chair concluded.
_______________________________________________________________________
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 Thailand’s leadership, ABAC is pursuing a work program under the theme “Embrace. Engage. Enable” to respond to the challenge of maintaining the economic vitality of the Asia-Pacific Region and ensure it benefits all.
ABAC 2022 Chair is Supant Mongkolsuthree and the Co-Chairs are Rachel Taulelei (New Zealand) and TBC (USA), with five (5) working group chairs, namely: Lam Yi Young, Regional Economic Integration Working Group (REIWG); Janet De Silva, Digital Working Group (DWG); Dato Rohana Mahmood, MSME and Inclusiveness Working Group (MSMEWG); Ning Gaoning, Sustainability Working Group (SWG); and Hiroshi Nakaso, Finance and Economics Working Group (FEWG).
For further information please contact:
Mr. Areepong Bhoocha-oom, ABAC Executive Director 2022, Mobile: +668 1988 9588, Email: areepongabac@gmail.com
Mr. Antonio Basilio, Director, ABAC Secretariat, Tel: +63 917 849 3351, Email: abacsec@pfgc.ph
REGISTER WITH TRADE WORKS
Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.
Latest News
Remarks by Rachel Taulelei to APEC Ministers Responsible for Trade, 21 May 2022
ABAC NEW ZEALAND REMARKS TO ABAC-MINISTERS RESPONSIBLE FOR TRADE DIALOGUE 21 MAY 2022 RACHEL TAULELEI ABAC NZ Chair, Ministers The Free Trade Area of the Asia Pacific (FTAAP) remains the preeminent economic priority for the Asia-Pacific business community. It...
Deepening ECONOMIC INTEGRATION and EQUIPPING BUSINESS FOR DYNAMIC, INCLUSIVE and SUSTAINABLE GROWTH ARE KEY to ECONOMIC RECOVERY, say business leaders
Vancouver, 28 April 2022 –Asia-Pacific business leaders in the APEC Business Advisory Council (ABAC), meeting this week in Vancouver, affirmed their determination to continue to work closely together to respond to the challenge of sustaining the region’s growth...
FROM APEC AND CPTPP TO IPEF – SMALL STEP OR GIANT LEAP?
The US idea of an Indo Pacific Framework (IPEF) continues to gain traction but is not without complication. Aotearoa-New Zealand is a great joiner - from the very beginning of the United Nations to the important economic institutions like the WTO, APEC, CPTPP and...
Remarks to Foreign Affairs, Defence and Trade Committee
NZ INTERNATIONAL BUSINESS FORUM REMARKS TO THE FOREIGN AFFAIRS, DEFENCE AND TRADE COMMITTEE INTERNATIONAL TREATY EXAMINATION OF THE NZ/UK FREE TRADE AGREEMENT 17 MARCH 2022 STEPHEN JACOBI EXECUTIVE DIRECTOR Madam Chair, Members of the Committee Thank you for the...
Submission to the Parliamentary Foreign Affairs, Defence and Trade Committee
INTERNATIONAL TREATY EXAMINATION OF THENEW ZEALAND UNITED KINGDOM FREE TRADE AGREEMENT MARCH 2022 Introduction and Summary 1. This submission is made on behalf of the New Zealand International Business Forum (NZIBF) whose members are listed at Annex A 1 . NZIBF is a...
BUSINESS FORUM COMMENDS RUSSIA SANCTIONS LEGISLATION
The NZ International Business Forum (NZIBF) has commended Parliament’s bipartisan Russia Sanctions legislation, targeting those involved in the invasion of Ukraine. “Tough times call for tough measures and this legislation is an appropriate response from New Zealand...
Remarks made by ABAC New Zealand Chair Rachel Taulelei to GS1 Retail Plenary, 25 February 2022
APEC BUSINESS ADVISORY COUNCIL ADDRESS TO GS1 RETAIL PLENARY25 FEBRUARY 2022 RACHEL TAULELEIABAC NZ HOW IDENTIFICATION AND TRUST ARE NEEDED TO ENABLE CROSS-BORDER TRADE E ngā mana, e ngā reo, rau rangatira mā, tēnā koutou katoa. It is a pleasure to be taking...
NZ/EU FTA – BLESSED BE THE CHEESEMAKERS
Will the NZ/EU FTA ever be finished, asks Stephen Jacobi. In the Monty Python film, “Life of Brian”, Jesus’ Sermon on the Mount is poorly heard by some of the crowd, but the message is passed on: “Blessed be the cheese makers”. Two thousand years later cheesemakers...
BUSINESS FORUM APPLAUDS “HISTORIC” NZ UK FTA
The conclusion of the NZ UK Free Trade Agreement is a historic moment for NZ’s trade, says the NZ International Business Forum. “This new free trade agreement, negotiated and concluded in record time, delivers unprecedented access to the UK market and sets the stage...
GUEST POST: “Imagine if… Building a new future for Indigenous trade”
Indigenous business leaders from the APEC region contributed to the first-ever ABAC Indigenous Dialogue in July 2021. Carrie Stoddart-Smith imagines the wealth and well being Indigenous peoples could bring to international trade, if the opportunity is seized....
NZIBF 2021 Chair Report
The NZIBF Board meets with Indian High Commissioner H E Muktesh Paredeshi at its last meeting for 2021.ANNUAL GENERAL MEETING 15 DECEMBER 2021 CHAIR’S REPORT I am pleased to present my first report on the activities and achievements of the NZ International Business...
Let’s try that again: Happy new year!
In another year of disruption and loss there have been some surprising wins for trade. The kindest thing that could be said about 2021 is that things didn’t quite work out as planned. We did not defeat the pandemic and lives and livelihoods continued to be lost....
A little breathing room at the WTO
A little breathing room at the WTO The emergence of Omicron has meant that the WTO Ministerial Conference has been put on hold – leaving in limbo key decisions about pandemic trade responses and fish subsidies (not to mention agriculture). But there is some good...
An Open Letter to Trade Minister O’Connor
22 November 2021 Hon Damien O’ConnorMinister of Trade and Export GrowthWELLINGTON Dear Minister As you and your colleagues prepare to gather in Geneva, we write this open letter to express the strong support of the New Zealand business community for ambitious...
Remarks by ABAC Executive Director Stephen Jacobi to Pacific Basin Economic Council, 22 November 2021
APEC BUSINESS ADVISORY COUNCIL REMARKS TO PBEC CONFERENCE22 NOVEMBER 2021 STEPHEN JACOBIEXECUTIVE DIRECTOR KEY TAKE AWAYS FOR ASIAN BUSINESS FROM APEC NZ 2021 Thanks very much for the opportunity to be with you today and in such distinguished company. It’s a pleasure...
0 Comments