APEC Business Council Urges APEC Leaders to Take Firm Action on Trade Agenda

Asia-Pacific Business Leaders will highlight their concerns about the state of the WTO DDA negotiations and the upcoming Hong Kong Ministerial meeting when they meet with APEC Leaders on November 18.

Members of the APEC Business Advisory Council (ABAC), in their annual meeting with Leaders, will issue a no-nonsense call for action, reiterating the importance of progress in the WTO to business and regional economies, and, consistent with calls to Trade Ministers, urging work toward an agreement on agriculture as a major contribution to conclusion of the WTO DDA talks.

ABAC Chair, Mr Jae-Hyun Hyun, said "We have seen the power in the WTO when APEC economies work together. APEC collective action helped the WTO conclude the Information Technology Agreement in the mid-1990s, and more recently broke a deadlock to help WTO members agree on the 'Swiss Formula' and move negotiations forward."

"We expect no less now, at this critical stage, and believe that together, APEC members could contribute to a breakthrough on agriculture, and on progress with this round."

Hyun said, "We urge all APEC Economies to stand together in Hong Kong and lead the WTO to a comprehensive and robust commitment on agriculture, which will enable the WTO to move forward."

"This is the message we are delivering to APEC Leaders personally, and that we have provided to both Leaders and Trade Ministers in an open letter."

ABAC's other top priorities for their dialogue with Leaders are a recommitment to, and steady progress towards, APEC's Bogor Goals of free trade and investment in the region, and practical implementation of further tangible trade facilitation measures, to actually reduce the cost of doing business in the region.

ABAC, in conducting a Mid-term Review of APEC's progress, has noted that APEC will need to reform the way it operates if it is to achieve the Bogor Goals. ABAC welcomes APEC Economies' establishing a roadmap to guide further progress, and of a business agenda to focus on further practical steps.

Looking ahead, 2006 ABAC Chair, Mr Hoang Van Dzung, from Viet Nam, said, "Business wants to see officials carry through on Leaders' promises of liberalization, facilitation and capacity building, and to deliver more of the practical economic benefits we've been waiting for."

ABAC members will also raise with Leaders other key issues which concern business. The threat of an Avian Flu pandemic led ABAC members to initiate a program to advise the private sector impacts and preparedness. ABAC members will also raise concerns about high energy prices and their results across many sectors, urging economies to take proactive measures. ABAC continues to stress the importance of strengthening financial systems to deal with trade imbalances and volatile capital flows.

ABAC's annual dialogue with APEC Leaders is unique among international fora, giving ABAC an important voice to represent regional business interests directly to Leaders. The dialogue allows for a free and open discussion of the issues of most concern to business at a leadership level, and is the annual culmination of ABAC's deliberations preparing recommendations and advice to Leaders. Each ABAC member is selected individually by their Leader, with the Council consisting of three representative business executives from each APEC Economy.

The ABAC Report to Leaders, detailing ABAC's recommendations for the year, and a November 14 open letter to APEC Trade Ministers can be found at www.abaconline.org.