The Business Advisory Council (ABAC) of the Asia-Pacific Economic Cooperation
(APEC) has affirmed its belief that making progress on a Free Trade Area of
the Asia Pacific (FTAAP) presents the best strategy for achieving regional growth.
At its third meeting in Bangkok recently, ABAC, which brings together up to
three business leaders from each of APEC's 21 economies, called on APEC leaders
to make the necessary decisions on possible pathways to achieve an FTAAP. They
expressed deep concern over new forms of protectionism arising from economic
instability.
"It has become imperative for APEC to give renewed commitment to achieving
deeper regional economic integration in view of economic uncertainty and the
resulting protectionist pressures that threaten to reverse these gains"
said ABAC chair, Gempachiro Aihara. "In our view, the FTAAP is the most
practical means to achieve this."
ABAC has been advocating the concept of an FTAAP since 2004 and, in 2006, APEC
leaders instructed APEC officials to examine various options for regional economic
integration including an FTAAP. Since then, progress has been modest.
ABAC also concluded that accelerating the growth of small and medium-sized
enterprises and micro-enterprises, through policies which promote capacity building
and financial inclusion, can enhance the quality of economic integration, considering
that they make up the majority of businesses in the region.
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