Abac calls for united action to boost trade
Business leaders under the inter-governmental forum Asia-Pacific Economic Cooperation (Apec), which includes the Philippines, have called for a united action to uphold free, fair and rules-based trade while addressing pressing challenges such as protectionism, digital transformation and climate change.
The Apec Business Advisory Council (Abac) convened in Brisbane, Australia last week, expressing deep concern over these issues, and warning that these factors threaten business confidence and investment flows.
“Now more than ever, business and government must work together to ensure stability and prosperity,” Abac 2025 chair Cho Hyun-san said in a statement.
Aside from the Philippines, Apec member-economies include Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia, Singapore, Taiwan, Thailand, United States and Vietnam.
Artificial intelligence
The Abac also emphasized the need to remain vigilant in the face of emerging technologies, particularly artificial intelligence and quantum computing.
It said these advancements offer transformative potential but also pose regulatory and economic challenges.
Additionally, the council reaffirmed its commitment to tangible trade solutions, advocating for paperless trade, resilient supply chains and trade facilitation measures.
It also called for a robust World Trade Organization and further progress toward the Free Trade Area of the Asia-Pacific to counter economic fragmentation and ensure equitable growth.
Meanwhile, Abac Philippines highlighted the urgent need to integrate disaster resilience into Apec’s food security and economic growth strategies.
Guillermo Luz of Abac Philippines pointed to the region’s vulnerability to natural disasters, citing that those disrupt food production and supply chains.
“We must strengthen public-private collaboration and explore financial instruments like disaster insurance to mitigate economic shocks,” Luz said.
“Sharing best practices across economies will help bridge the gap between those that are well-prepared and those still vulnerable to disasters,” he added.
