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APEC Business Advisory Council Defines 2016 Objectives

© AFP 2023 / TED ALJIBE Philippine policemen walk past an Asia Pacific Economic Cooperation (APEC) summit logo in front of the media centre in Manila
Philippine policemen walk past an Asia Pacific Economic Cooperation (APEC) summit logo in front of the media centre in Manila - Sputnik International
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Director of ABAC International Secretariat said that APEC Business Advisory Council (ABAC) has defined its priority for the next year as "Quality Growth and Human Development".

A man polishes a car, one of the hundred of new cars that will be used during the Asia Pacific Economic Cooperation (APEC) summit to be held in the Philippines later this month, in Manila on November 8, 2015 - Sputnik International
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Philippines Should Change Mindset, Open Up to Free Trade - APEC
MANILA (Sputnik), Anastasia Levchenko APEC Business Advisory Council (ABAC) has defined its priority for the next year as "Quality Growth and Human Development," Antonio Basilio, Director of ABAC International Secretariat, told Sputnik on Saturday.

Earlier in the day, ABAC finished its closed plenary session within the framework of the APEC Economic Leaders' Week in Manila.

"During this session ABAC discussed its priorities for the next year — it will be 'Quality growth and human development,'" Basilio said.

Another topic on the session's agenda has been the all-inclusive Free Trade Area of the Asia-Pacific (FTAAP).

"ABAC has presented its report on the FTAAP. It's the private sectors' perspective on what the FTAAP should be like. In one of the findings, most small businesses criticize preferential access [to markets] provided by FTAs, because the requirements [for enterprises to get it] are too complicated," Basilio said.

He added that the design of the FTAAP could allow small and medium enterprises to use preferences of the free trade area better.

FTAAP is an area that is expected to include all APEC members, unlike the US-led Trans-Pacific Partnership (TPP) which would comprise only 12 Pacific Rim nations.

Manila currently hosts the APEC Economic Leaders’ Week, bringing together senior officials and businessmen from 21 Asia-Pacific economies.

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