Business

ABAC prioritises regional integration, sustainable growth

Strengthening regional integration, promoting sustainable, innovative and inclusive growth, and enhancing the competitiveness edge of micro-, small- and medium-sized enterprises (MSMEs) are among the top priorities in 2017 of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC).
ABAC prioritises regional integration, sustainable growth ảnh 1At the press conference to inform activities related to APEC High-Level Week 2017 (Photo: VNA)

Hanoi (VNA) – Strengthening regional integration, promoting sustainable,innovative and inclusive growth, and enhancing the competitiveness edge ofmicro-, small- and medium-sized enterprises (MSMEs) are among the toppriorities in 2017 of the Asia-Pacific Economic Cooperation (APEC) BusinessAdvisory Council (ABAC).

ABAC Chairman Hoang Van Dung unveiled this information at a press conferenceheld in Hanoi on June 21 by the Vietnam Chamber of Commerce and Industry (VCCI)to inform activities towards the APEC High-Level Week 2017.

Dung said theABAC’s work plan in 2017 will also focus on encouraging innovations in thedigital era, ensuring food security and promoting sustainable and smartagriculture adaptive to climate change.

Regarding the 2nd ABAC meeting in Seoul, the Republic of Korea, hesaid that APEC members agreed to focus recommendations on the benefits of tradeliberalisation and development as well as reduction of non-tariff barriers togoods.

The councilemphasised the importance of the World Trade Organisation (WTO) and values offree trade agreements like the Free Trade Area of the Asia-Pacific (FTAAP),Dung said.

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

The VCCI will continue hosting ABAC’s 3rd meeting in Canada and 4th meeting in Da Nang city of Vietnam to discuss and give out businessrecommendations. ABAC’s report will be submitted to APEC leaders at APEC High-levelWeek held in Da Nang in November.

ABAC is the privatesector arm of the APEC. APEC economic leaders decided to establish ABAC inNovember 1995 to advise them and other APEC officials on issues of interest tobusiness. ABAC also responds to requests from various APEC sub-groups forinformation about the business perspective of specific areas of cooperation.

This private sector body presents recommendations to APEC leaders in an annualdialogue and advises APEC officials on business sector priorities and concerns.

ABAC comprises up to three senior business people from each APEC economy and theappointments are made by the leader of the member economy concerned. The Chairof ABAC comes from the economy that is hosting APEC and therefore changesannually. ABAC represents a diverse range of sectors and includes small andlarge enterprises.-VNA
VNA
#APEC Business Advisory Council #regional integration #innovative and inclusive growth #competitiveness edge #micro- #small- and medium-sized enterprises #APEC High-level Week
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