The APEC Business Advisory Council (ABAC) serves as a crucial platform for business leaders to discuss key economic issues and strategies for fostering regional cooperation and sustainable growth, said ABAC Brunei Chair and Standard Chartered Brunei Chief Executive Officer Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim during the recent ABAC II meeting hosted by ABAC Hong Kong, China.
He added, “It is vital to continuously drive the coordinated efforts from every APEC member countries in navigating the ongoing challenges for the region.”
Meanwhile, ABAC Brunei member and Exceltech Solutions Sdn Bhd Managing Director Hafriz Fayadh bin Haji Musa said, “The discussions underscore our unwavering commitment to shaping a future where prosperity harmonises with environmental stewardship. With a focus on advancing policies that empower women in business, we reaffirm our dedication to creating a level playing field where talent and ambition know no bounds.”
The meeting, themed ‘People. Business. Prosperity’, voiced serious concerns regarding the global shift towards protectionism and regional fragmentation, risking decades of economic progress.
To address these challenges, “we have developed a set of recommendations to cover the strengthening of the WTO, revitalising the strategy for the Free Trade Area of the Asia Pacific (FTAAP), advancing digital trade, bolstering the resilience of global supply chain, establishing a greener trade policy framework to tackle the climate crisis, and empowering women in trade”, said the ABAC Chair for 2024 Julia Torreblanca of Peru.
She added, “We will present these recommendations to ministers responsible for trade when they meet next month in Arequipa, Peru.”
On women’s economic empowerment, the Council has developed recommendations that include promoting women’s transition to the formal economy, unlocking women’s access to venture capital and promoting STEM careers and digital skills, including to boost women’s participation in green trade.
ABAC will convene its next meeting in early August in Tokyo, Japan as it works to finalise its recommendations for presentation to APEC leaders during the APEC summit this November.
