Facing global supply chain challenges, the Indo-Pacific Economic Framework promotes economic cooperation among 14 economies, strengthening supply chain resilience, fostering innovation, and driving growth By: Cyn-Young Park- Director for Regional Cooperation and Integration, Economic Research and Regional Cooperation Department at the Asian Development Bank Supply chains – the vital global connections between the making of products and their delivery to customers worldwide – have been tested in recent years. They are increasingly vulnerable due to a lack of coordinated oversight…
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Now in its 12th year, the APEC Photo Contest showcases inspirational photos from around the region with a creative take on APEC host priorities. The annual photo contest celebrates the resilience and adaptability of the 21 APEC member economies. Share with us images that will make us think, reflect and admire how people are interconnected, innovative, and inclusive in their daily lives, what sights they see and the sounds they hear in the APEC region. How do you picture a…
Yes you heard that right. My hope is that artificial intelligence (AI) and robotics will be used primarily to eliminate the tedious, bullshit work in which most of humanity currently toils, so that more and more people can pursue their passions in a similar fashion. Ideally, this will lead to our next great renaissance of art and culture, as millions (or even billions) of humans are suddenly free to do what they love and create happiness through art. Before such…
Since RCEP came into effect in China and Japan in January and South Korea in February of 2022, it became the first free trade agreement that fully includes all three economies of China, Japan and South Korea. The trade deal helps reduce the tariff costs of cross-border trade among its members and promotes such measures as self-declaration of origin by approved exporters. China has now become Japan’s and South Korea’s largest trading partner. Meanwhile, South Korea and Japan have become…
APEC released a set of guidelines to further the forum’s work on environmental services and marine debris management. The guidelines encourage member economies to facilitate services that support the clean-up of marine debris from beaches, rivers, coastal areas, and the open ocean. Marine debris refers to plastic and other litter, discarded and lost fishing equipment, industrial rubbish, and other human-created waste that enters the seas and oceans. A 2020 report by APEC Ocean and Fisheries Working Group estimated that marine…
The Pacific Basin Economic Council (PBEC) is the pleased to announce its wholehearted support for the OGCI-incubated Aiming for Zero Methane Emissions Initiative, which aims to eliminate methane emissions from signatories’ operations by 2030. The Aiming for Zero Methane Emissions Initiative recognizes that virtually all methane emissions from the energy industry can and should be avoided. The initiative was developed by members of the OGCI, a CEO-led group that aims to speed up the industry’s response to climate change. Aiming…
PBEC held its AGM 2023 in a hybrid live format, with approved attendees able to either join in person in Hong Kong at KPMG Boardroom in Princes Building or via online on zoom. It was one of our most attended AGM’s for a number of years which was great to see, with representatives from APEC economies such as; Vietnam, Hong Kong SAR, Australia, Philippines, Malaysia, Indonesia, Japan, Thailand, China and Macao. Further afield we had members join from the USA,…
PBEC welcomes both Peter Burnett OBE, BBS Managing Director of Standard Chartered Bank Hong Kong Limited and Mary Simpson Director of International Member Engagement at ICAEW to its board of directors. Both were formally elected by majority vote at the recently held hybrid PBEC AGM 2023 attended by over 60 members from across APAC. Peter is the immediate past Chair of Britcham HK one of the largest and most professionally run chambers anywhere in the world and is a key…
Ministers of Chile, New Zealand, and Singapore, Parties of the Digital Economy Partnership Agreement (DEPA), and the Republic of Korea (ROK) met on the sidelines of the OECD Ministerial Council Meeting in Paris, France, on 8 June 2023. The Ministers welcomed the substantial conclusion of discussions on the ROK’s accession to the DEPA. Accession of the ROK to the DEPA The DEPA Parties are delighted that discussions for the ROK to accede to this world-leading agreement have substantially concluded, making…
INCHEON, REPUBLIC OF KOREA (2 May 2023) — PBEC’s longest strategic partner, The Asian Development Bank (ADB) today announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a landmark program which could significantly ramp up support for the region in the battle against climate change. The announcement was made by ADB President Masatsugu Asakawa on the opening day of ADB’s 56th Annual Meeting in Incheon. “Climate change is the critical issue of our lifetime and here…