Apec free trade pact pushed | Inquirer Business

Apec free trade pact pushed

By: - Reporter / @bendeveraINQ
/ 12:53 AM July 14, 2014

Business leaders from the Asia-Pacific rim want talks for the proposed Free Trade Area of the Asia Pacific (FTAAP) fast-tracked to drive economic growth in the region.

“Asia Pacific business leaders have expressed concern that, unless Apec [Asia-Pacific Economic Cooperation] stays committed to meeting the Bogor Goals of free and open trade by 2020, accelerate infrastructure development and promote innovation, the growth and prosperity ambitions they share in the region would not be realized,” the Apec Business Advisory Council (ABAC) warned in a statement issued after its meeting in Seattle last week.


ABAC is in the thick of preparing the recommendations it will present at the Apec Summit to be held in Beijing, China, this November.

“It has been seven years since Apec leaders adopted our recommendation that Free Trade Area of the Asia Pacific (FTAAP) would be the most effective means for achieving the Bogor Goals. It’s about time that Apec takes greater strategic leadership to bring the FTAAP into reality starting with a roadmap,” said Ning Gaoning, ABAC chair for 2014.


Gaoning said ABAC was “ready to be part of the process and provide business inputs” in FTAAP discussions.

ABAC also urged partnerships between Apec governments and the private sector to develop infrastructure.

Created in 1995, ABAC is considered as the “primary voice of business in Apec.” It is comprised of three business leaders each from Apec’s 21 member-economies.

Apec groups Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: APEC, Business, economy, Free Trade Area of the Asia-Pacific, News, Trade
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.