ABAC III: APEC needs to be open, innovative and inclusive region hinh anh 1Hoang Van Dung, Chairman of ABAC Vietnam. (Source: VNA)
Ottawa (VNA) – The Asia-Pacific Economic Cooperation (APEC) needs to become an open, innovative and inclusive region with a long-term vision to create sustainable and inclusive growth, heard the third APEC Business Advisory Council meeting (ABAC III) in Toronto, Canada.

In a press release issued after the conference, which was held from July 24-28, ABAC members highlighted four priority fields of intensifying integration and trade liberalisation, speeding up the development of small- and medium-sized enterprises, developing science and technology, and bettering human resources training.

They also stressed the need for APEC economies to take action toward the establishment of the Asia-Pacific Free Trade Area based on the results of ambitious regional agreements such as the Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership, and the Pacific Alliance.

Talking to Vietnam News Agency correspondents, APEC Executive Director Alan Bollard said that as ABAC III was a meeting of enterprises, delegates discussed a series of issues related to trade and investment and on how to maintain dynamic growth in the Asia-Pacific region.

New issues, including e-commerce, development of small enterprises and the role of women in the economy, were also put on table, he added.

Chairman of the ABAC Vietnam Hoang Van Dung emphasised the importance of science and technology in the digital era, especially for such developing countries as Vietnam.

Within the framework of the conference, a representative from the Vietnamese delegation informed the participants of Vietnam’s preparation works for the APEC Economic Leaders’ Week as well as a dialogue between ABAC and APEC leaders later this year.

Established in 1995, the ABAC is the private sector arm of the APEC to advise APEC economic leaders and officials on issues of interest to business. -VNA