Bangkok, 27 August, 2010 – Business leaders from the Asia Pacific region have expressed concern over new trade protection measures that have
emerged in the wake of the global financial crisis.
Meeting in Bangkok this week, the APEC Business Advisory Council (ABAC) also renewed its call for member economies to
take action to move towards establishing a Free Trade Area of the Asia-Pacific (FTAAP).
APEC’s commitment to pursuing free and open trade and investment has increased employment and social stability and
helped reduce poverty in the region, said ABAC Chair Gempachiro Aihara.
“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.”
“In our view, the FTAAP is the most practical means to achieve this.”
ABAC said establishing an FTAAP was the best way of achieving “high-quality growth”. Although free and open trade and
investment are still key to regional prosperity, APEC announced earlier this month its commitment to quality economic
growth, selecting five attributes for action: balanced, inclusive, sustainable, innovative, and secure growth.
With the global economy still facing uncertainty and the Doha round of world trade talks stalled, ABAC also said a new
push for greater regional economic integration was crucial to helping economies sustain their recoveries following the
economic downturn.
ABAC will put forward their recommendations to APEC Leaders on the way forward for APEC during meetings in Yokohama in
Japan in November.
ABAC includes representatives from the business communities in each of the APEC’s 21 member economies. Those
representatives provide APEC Leaders with information on the priorities and concerns of the business sector. The third
ABAC meeting was held from August 24-27 in Bangkok.
ends