The Pacific Basin Economic Council (PBEC) Endorses the APEC Business Advisory Council (ABAC) Report Entitled, APEC Means Business: ABAC’s Call to Action.

 

The report calls on APEC governments to strengthen action to liberalize trade and investment, and intensify economic cooperation in the 18-member forum. Specifically, the ABAC report makes recommendations for removing barriers to Asian-Pacific trade flows, easing restrictions on business travel, increasing private investment in infrastructure, strengthening capital markets in the region, and expanding business participation in APEC's economic and technical cooperation activities, and calls for a cooperative effort to respond to recent instability in regional currency and equity markets.

The report also provides ABAC's assessment of the Manila Action Plan for APEC (MAPA), the compilation of APEC individual and collective action plans released in November 1996. The review finds the MAPA provides only a vague outline of APEC members' plans, and offers specific recommendations for improving future action plans.

The views expressed by ABAC are consistent with PBEC's overall goals of fostering trade and investment liberalization throughout the Asia-Pacific region as outlined in its comprehensive policy paper and five year plan. PBEC is an association of senior business leaders representing more than 1,100 major corporations in 20 economies around the Pacific. PBEC member corporations account for more than US$ 4.25 trillion in global sales and employ more than 10.9 million people. The unprecedented scope and heft of PBEC's membership constitutes a broad and balanced reservoir of international business knowledge, unmatched in credibility and expertise. PBEC recently celebrated its 30th anniversary, making it the Asia-Pacific's oldest and most senior regional trade organization. PBEC is the voice of business in the Pacific.

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Endorsed by the PBEC Steering Committee, November 21, 1997
Adopted by the PBEC Board of Directors, November 21, 1997
PBEC Mid-term Steering Committee Meeting Whistler, B.C. Canada