SBF supports the call of senior business leaders from the Asia Pacific for APEC Economic Leaders to resolve trade tensions and drive regional cooperation
19 November 2018 [Singapore] - SBF represented the Singapore business community at the 4th meeting of the APEC Business Advisory Council (ABAC) meeting and the ABAC Dialogue with Leaders for the year, which was held on the fringes of the APEC Leaders Summit in Port Moresby, Papua New Guinea. ABAC is the sole official private sector advisory body of the APEC, that that has direct communications with the APEC Leaders through a Dialogue during its annual Summit.
During the Dialogue, ABAC highlighted three key recommendations, out of 16, contained in its annual report to APEC Economic Leaders. These include the call for leaders in the region:
(i) to continue supporting the integrity and purpose of the international trading system,
(ii) to exert more effort in explaining the benefits of open trade and investment and that the benefits be more widely shared, and
(iii) to tackle ways that APEC economies can benefit from and adjust to the digital and innovative revolution in order to provide greater opportunities for businesses, especially micro, small and medium-sized enterprises (MSMEs), in the region.
“Whilst the international trading system is very uncertain, it is reassuring to see that the senior business leaders in the APEC region are firm with their commitment to help fight against protectionism. ABAC is taking leadership towards open and free trade and investments, inclusive growth, and harnessing digitalisation and innovation – all of which are relevant to the Singapore business community”, said SBF’s CEO Mr Ho Meng Kit.
Two studies have been commissioned by ABAC to examine in-depth the benefits of international trade for businesses and how MSMEs can participate successfully in cross-border trade.
Mr Ho added, “It was important to note that enhancing services trade energises MSMEs into pro-growth cycles. As ABAC’s services champion, I have been looking into ways to develop the services sector as an enabler of economic growth and inclusion in the APEC region. For the past two years, ABAC has been closely monitoring the implementation of the APEC Services Competitiveness Roadmap (ASCR) that contains concerted set of actions and targets to develop the services sector in the APEC region. Next year, ABAC will step up its role by helping APEC officials intensify the implementation of the Roadmap.”
Mr Saw Ken Wye, Chairman of the SGTech and CEO of CrimsonLogic Pte Ltd, also attended the ABAC Meeting and Dialogue with APEC Economic Leaders. He will chair the one-year-old Digital Innovation Working Group (DIWG) in 2019 and will continue to champion the Singapore business community’s interests on digitalisation and innovation.
The Media Release for the 2018 ABAC IV Meeting is available here for reference. The 2018 ABAC’s Report to Leaders can be downloaded from this link.