SBF shares ABAC’s call for APEC to make globalisation work better for its communities
2 May 2017 [Singapore] - Members of the APEC Business Advisory Council (ABAC), the private sector advisory body to APEC, gathered in Seoul, South Korea, for its second meeting of 2017 from 26 – 29 April to discuss ABAC’s recommendations on business priorities for APEC Trade Ministers when they meet in Hanoi, Vietnam for their annual ministerial meeting in May.
At the meeting, business leaders called on APEC to stay the course on globalisation. As globalisation experiences one of its most disruptive phases, it is all the more important for the business community and APEC to emphasise the tremendous benefits which open trade has delivered for Asia Pacific communities; and also for ABAC and APEC to work on making globalisation work better for its communities.
Mr Ho Meng Kit, CEO of SBF and Singapore’s ABAC Member at the meeting, observed a strong sense from amongst ABAC representatives to work together, further integrate our markets and push against the sentiment of rising protectionism and anti-globalisation amongst ABAC representatives.
“The business community recognises the need for them to do their part to better communicate the benefits of open trade and investments. The meeting in Seoul, held at this time of particular tension in the Korean Peninsula helped us all to focus our minds on how ideology and public policies can shape the destiny of nations. At this juncture of the global economy, we recognised how much openness have [has?] benefited the world,” said Mr Ho.
On ABAC’s recommendations to Trade Ministers which emerged from the meetings, Mr Ho was pleased that there were [was?] considerable interest and discussion on the future of the Trans Pacific Partnership (TPP) as a possible pathway to the Free Trade Area of the Asia-Pacific (FTAAP). “It was good that ABAC leaders affirmed the importance of the TPP. The TPP is a high standard agreement that is relevant to businesses and we hope to see TPP parties implement the agreement as soon as possible.”
The Singapore Business Federation welcomed the conclusion and signing of the TPP in 2015 and would continue to support its implementation to benefit the Singapore business community as well as their partners across the region.
ABAC’s news release issued during the second ABAC meeting in Seoul, Korea, which called for APEC to stay the course on globalization is provided as Annex A.