APEC Business Urges Trade Facilitation, Prioritizes Inclusive Trade Area

APEC senior business people welcome various trade agreements in the Asia-Pacific and see a comprehensive free trade zone as the main priority, the Asia-Pacific Business Advisory Council (ABAC) Chair said Wednesday.

MANILA (Sputnik) — Speaking at the opening of the APEC leaders’ plenary session, Doris Ho said that ABAC welcomed the conclusion of the wording and content of the TPP, and the proposed RCEP (ASEAN-based Regional Comprehensive Economic Partnership) as well as other regional agreements that would facilitate trade.

According to Ho, the Free Trade Area of the Asia-Pacific (FTAAP) remains the main goal.

"The FTAAP is the most practical vehicle to achieve the sustainable and inclusive environment… We urge immediate actions: adopt policies to promote trade and services, promote FTAs [trade areas]," Ho said, presenting ABAC’s views to the APEC leaders.

During the plenary session, Asia-Pacific leaders will review recommendations prepared by trade ministers following their two-day work with business representatives and will define avenues of APEC work for the coming year.

The APEC summit comprising 21 regional economies is currently underway in the Philippine capital of Manila. The forum, established in 1989, promotes free trade throughout the Asia-Pacific region.