Izah Azahari
While it is important to address climate change, policies should also take into consideration small businesses, said the chairperson of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) yesterday.
ABAC Chair for 2023 Dominic Ng said climate change is one of the key risks affecting businesses and livelihoods in the region during a press conference at the end of the four-day ABAC II meeting. “This is an area that we are going to put as a high priority,” he said, adding that they will continue to formulate ideas, solutions and policy recommendations to address climate risks.”
“But we do not want to have climate policies that negatively impact micro, small and medium enterprises,” he said, adding that oftentimes while fighting for the sake of good progress for climate change, “We may not have necessarily taken enough consideration on the well-being of small businesses.
“So we are trying to ensure we put together a good, balanced recommendation to share with our economic leaders.
“We will be meeting with all the leaders of economies in San Francisco in November, when we will have a formal dialogue and share with them our recommendations.
“Sustainability and climate change will be among the key topics of discussion.”
The ABAC chair said trade and investment is always a major topic for the organisation in the region. While making recommendations to leaders of economies, they want to ensure that they take into consideration of micro, small and medium enterprises (MSMEs), women and indigenous communities.
“When we’re thinking about sustainability, we think about how does that affect MSME. When we think about trade and investment treaty, how would that affect the small business enterprises? When it comes to digitalisation innovation, how would that benefit or hurt members of that group?” he said.
“In addition to that, all of these issues require financing. We can talk about how to deal with climate change and sustainability. But without finance settlement, we wouldn’t be able to get it done. Same thing for digitalisation and economic integration issues in terms of food security, and health resilience.
“We are dealing with all these challenges in a somewhat uncertain global economic environment, due to conflict that is happening in this world, and then the current economic landscape,” he said.
In a press statement, ABAC said it has urged APEC trade ministers to leverage the challenges facing the region, including environmental risks, financial stress and the cost-of-living crisis, as opportunities to firmly place the region on a new path of economic inclusion, resilience, and sustainability.
Separate letters to APEC trade ministers and transportation ministers and statements on the World Trade Organization (WTO) and the Free Trade Area of the Asia-Pacific (FTAAP) have been sent and issued that reflected ABAC’s views.
Ng noted in the statement, “The private sector wants to see governments in the region build on the lessons learned from dealing with the pandemic to make trade more resilient, inclusive, and sustainable for all. ABAC is supporting this effort by bringing forward clear, concrete recommendations for governments that, if implemented, will result in tangible outcomes. Many of these recommendations are captured in the letters and statements that we finalised at our meeting in Brunei.”
On ABAC’s statement on the WTO, Ng said, “Our businesses, communities and our planet deserve a future-ready, effective, and enforceable global trading system – that demands ambitious outcomes at the WTO, including on core reforms in agriculture, fisheries subsides and dispute settlement, and in the open plurilateral negotiations on digital trade and the environment.”
ABAC’s statement on the FTAAP called for well-designed and modern trade rules in the eventual FTAAP, building on The Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) and Regional Comprehensive Economic Partnership (RCEP), and building out concrete outcomes in the short term that support equity, sustainability and expand economic opportunities for communities around the Asia-Pacific.
Under the theme of Equity. Sustainability. Opportunity. ABAC’s agenda includes a focus on ensuring that MSMEs can expand their engagement in the global economy.
ABAC Brunei Chair and Executive Director of LVK Group of Companies Nik Hafimi binti Abdul Haadii said, “As a member of ABAC Brunei Darussalam, it is extremely crucial that our ABAC colleagues come to Brunei and see for themselves the diversification strategies that Brunei Darussalam has embarked on in realising our economic blueprint.
“It was a pleasure to host and also showcase the best of what Brunei can offer locally, regionally and globally through the APEC process. It is my sincerest hope that all our Bruneian companies use this opportunity to push their capability and capacity, along with the support of provided by the Government of Brunei Darussalam and go beyond Brunei.”
ABAC Brunei member and Chief Executive Officer of imagine Sdn Bhd Suzannawati binti Haji Suharju said, “ABAC Brunei was honoured to have hosted the 2nd ABAC meeting for the year where we shared progress on our workplans.
“By having the session in Brunei, it was an excellent opportunity for the local business community to interact with delegates from the different economies where business opportunities were explored.
“Collaboration continues to be a theme and I am excited to initiate the pilot project in Brunei on digital upskilling for underserved women businesses with Chile. We continue to be the catalyst to bring in initiatives and learnings to benefit our local community.”
