ABAC prioritises regional integration, sustainable growth

Friday, Jun 23, 2017 11:44

Vietnam Chamber of Commerce and Industry (VCCI)’s officials provide information on activities being held towards the APEC High-Level Week 2017. — VNA/VNS photo

Strengthening regional integration, promoting sustainable, innovative and inclusive growth, and enhancing the competitive edge of micro-, small- and medium-sized enterprises (MSMEs) are among the Asia-Pacific Economic Cooperation’s (APEC) 2017 priorities.

Business Advisory Council (ABAC) chairman Hoang Van Dung unveiled this information at a press conference held in Ha Noi on June 21 by the Vietnam Chamber of Commerce and Industry (VCCI) to provide information on activities being held towards the APEC High-Level Week 2017.

Dung said ABAC’s work plan in 2017 will also focus on encouraging innovations in the digital era, ensuring food security and promoting sustainable and smart agriculture adaptive to climate change.

Regarding the second ABAC meeting in Seoul, Republic of Korea, he said APEC members agreed to focus their recommendations on the benefits of trade liberalisation and development as well as reduction of non-tariff barriers to goods.

The council emphasised the importance of the World Trade Organisation and values of free trade agreements such as the Free Trade Area of the Asia-Pacific, Dung said.

ABAC also noted that a stronger global supply chain will create opportunities to realise the huge potential of the digital economy and lenient policies will enable MSMEs to get easier access to international markets and global value chains and strengthen the participation of women in the economy.

The VCCI will also host ABAC’s third meeting in Canada and the fourth meeting in Viet Nam’s Da Nang City to discuss and give business recommendations. ABAC’s report will be submitted to APEC leaders at the APEC High-level Week to be held in Da Nang in November.

ABAC is the private sector arm of the APEC. APEC economic leaders decided to establish ABAC in November 1995 to advise them and other APEC officials on issues of interest to business. ABAC also responds to requests from various APEC sub-groups for information about the business perspective of specific areas of cooperation.

This private sector body presents recommendations to APEC leaders at an annual dialogue and advises APEC officials on business sector priorities and concerns.

ABAC comprises up to three senior business people from each APEC economy. Appointments are made by the leader of the member economy concerned. The chair of ABAC comes from the economy that is hosting APEC and therefore changes annually. ABAC represents a diverse range of sectors and includes small and large enterprises. — VNS

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