APEC Urged to Speed Up Economic Recovery, Regain Growth Momentum

Ha Long: Asia-Pacific business leaders in the APEC Business Advisory Council (ABAC) have expressed deep concern about the unprecedented crises facing the region.
 
According to them, the continuing COVID-19 pandemic, geopolitical conflict, inflation and supply chain disruptions are all stand out issues impacting directly businesses, both large and small, and require even greater leadership and decisive action from APEC.
 
The Asia-Pacific business leaders convened in Ha Long, Viet Nam, last week. 

"At our meeting, ABAC members agreed on recommendations they will make to APEC Leaders to confront these challenges by speeding up the region’s economic recovery and regaining the momentum for dynamic, sustainable, inclusive and resilient long-term growth," said Kriengkrai Thiennukul, ABAC Chair for 2022 and the Chairman of the Federation of Thai Industries, in a press release issued by the ABAC on Tuesday.
 
"Our report to leaders will cover the key challenges of tackling inflation, confronting food and energy insecurity and addressing climate change," he added.
 
Over the medium term, he said, the business leaders will call on APEC member economies to deepen regional economic integration by supporting the global rules-based trading system and accelerating the realization of the Free Trade Area of the Asia-Pacific.
 
APEC is also urged to foster an enabling environment for recovery and growth both through enhanced support for micro, small and medium enterprises (MSMEs)– particularly women-owned and Indigenous businesses and the adoption of foundational digital infrastructur. 
 
"We think business can play a fundamental role in helping to develop innovative ideas on climate change, supporting the transition to a sustainable, resilient, and low-carbon economy for future generations, and supporting the Bio Circular Green (BCG) Economy Model," he stated.
 
"All these actions are all fundamental to ensuring that our region will be seamless, dynamic, resilient, and sustainable – and a place where everyone including disadvantaged and under-served groups can enjoy the benefits and opportunities offered by deeper regional economic integration," he added.
 
ABAC will present these recommendations to APEC Leaders when they gather for their annual dialogue in Bangkok, Thailand on November 18. 
 
ABAC will also convey business views in APEC ministerial and other high-level meetings covering food security, small and medium enterprises, women, health and the economy and finance. 

 
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