Business Representatives to Finalize Recommendations to APEC Leaders
Senior Business executives from each of APEC's 21 Member Economies will meet in Malaysia next week to finalize details of their annual recommendations to APEC Leaders.
The Third APEC Business Advisory Council (ABAC) Meeting for 2005 will take place in Kuala Lumpur on August 1-4 and will also cover issues including business input to unblock the currently stalled WTO negotiations and ABAC's response to the APEC Leaders' Santiago Initiative for Expanded Trade in the APEC Region.
Comprising business executives appointed by the Leaders of each APEC Member Economy, ABAC has become an important regional forum for communicating business needs to political leaders.
ABAC Chair, Mr. Jae-Hyun Hyun, from Korea said that the recommendations that will be presented to APEC Leaders will be finalized at the meeting in Kuala Lumpur.
"The suggestions from the business community to Leaders will cover a range of issues that are essential for promoting a healthy business environment in the Asia-Pacific," Mr. Hyun said before the start of the ABAC Meeting.
"These recommendations are made following extensive consultation with the business communities in every Member Economy and ultimately we hope they will be well received by Leaders."
Mr. Hyun said ABAC anticipates making a substantial contribution to meeting challenges currently facing the regional economy.
"This year ABAC has already sent a delegation to Geneva as part of our contribution to advancing current World Trade Organization negotiations," Mr. Hyun said.
"The ABAC delegation went to Geneva to deliver a very specific message that an open and predictable trading environment is a must in order for business to flourish, making the successful conclusion of the Doha Round vitally important.
"ABAC has called on WTO members to move forward on agricultural issues, seek the elimination of barriers to trade in non-agricultural products and to submit quality offers in the area of trade in services."
A Public-Private Dialogue on 'Cross-Border Implementation of Basel II and Emerging Regulatory Banking Supervisory Issues', organized in association with SEACEN, PECC and the Asian Bankers Association, will cover important banking sector regulatory topics of major interest to banks in Malaysia and the region. This event will take place on 4th August in Kuala Lumpur.
The meeting will be formally opened by the Hon Dato' Seri Rafidah Aziz, Malaysia's Minister of International Trade and Industry, on Monday.