A delegate anwers VNA reporter on the sideline of the meeting (Source:VNA)Da Nang (VNA) – Inclusive growth and trade liberalisation will bethe focuses of the upcoming APEC Business Advisory Council (ABAC) Dialogue withAPEC Economic Leaders, according to delegates to the ongoing 4th ABAC Meeting in the central city of Da Nang.
“Inclusive growth is very important to many economies within APEC so many ofthe 21 economies support inclusive growth very strongly,” said David Toua fromPapua New Guinea, ABAC Chair 2018.
Papua New Guinea will beincluding inclusive growth in its priorities for 2018 as the APEC host,following what Vietnam has been treating as priorities, he said.
To promote inclusive growth, Papua New Guinea will create policies to developmicro-, small- and medium-sized enterprises (MSMEs) and digitalisation, making morepeople engaged in the economy in a more considerable way, he noted.
He statedthat trade liberalisation is really one of the ABAC’s priorities. “We stronglybelieve in trade liberalisation, we push an agenda and we will present it tothe leaders,” he said.
The ABAC will submit 20 recommendations to the APEC leaders and they allsupport the ideas of trade liberalisation and inclusive growth, David Touasaid, adding Papua New Guinea will back most of the recommendations during the year2018.
Rod Eddington, Chairman of the Asia-Pacific Advisory Council of Australia’sJ.P. Morgan, said that in inclusive growth, it must be ensured that there is aliberal trade environment within APEC, so that economies can trade freely. For economieslike Vietnam, it’s very important as it has the ability to export. Vietnamshould direct agricultural products and manufactured goods to APEC members.
As benefits from increasingly liberal trade have risen over the last 30 yearsand will continue to increase in the future, the focus of the ABAC Dialogue withAPEC Economic Leaders should be inclusive growth, he said.
“We will also deliver that we need a free and open trade,” he stressed.
Sharing the same view, Allan Zeman, a business magnate from Hong Kong,China, also emphasised the imporance of open trade among economies. “We willtalk to the APEC leaders about how economies can be more open in trade,” hesaid.
In 2020, there will be more free trade among economies and it is really a goalthat all economies are working together to see how it can be achieved, headded.
According to Rio Fiocco, alternative member of the ABAC’s Papua New GuineaSecretariat, the ABAC will strongly recommend the APEC leaders to continue theprinciple of free trade and commerce.
“Some people think we should restrict trade between borders but the ABAC has astrong message to the Leaders that free trade is good for the region’sprosperity as it creates jobs throughout APEC economies,” he said.
In addition to inclusive growth and trade liberalisation, technology and digitalisation,finance and infrastructure development will be also submitted to the APECEconomic Leaders during the November 10 dialogue.
The dialogue forms part of events during the APEC 2017 Economic Leaders’ Weekfrom November 6-11.
Established in 1989, the Asia-Pacific Economic Cooperation (APEC) comprises 21economies, including Australia, Brunei, Canada, Chile, China, Hong Kong(China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, NewZealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, ChineseTaipei, Thailand, the US, and Vietnam.
APEC represents about 39 percent of the world’s populationand contributes 57 percent to global GDP and 49 percent of internationaltrade.-VNA
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