At its meeting this week in Hai Phong, Viet Nam, the APEC Business Advisory Council (ABAC) calls on APEC Leaders to reaffirm their commitment to open, predictable, rules-based, non-discriminatory and competitive markets.
The Chair of ABAC's Regional Economic Integration Working Group, Anna Curzon of ABAC New Zealand, noted the region's remarkable success in raising living standards and creating jobs and opportunities has been grounded in open markets and underpinned by the global system of trade rules. But that is now in jeopardy in the face of mounting trade tensions, policy volatility and global uncertainty.
"The current turmoil, including rising protectionism, is a distraction from the critical work of revitalizing businesses and our economies, and tackling critical challenges to achieving a prosperous, sustainable future. It poses substantial threats to the international economic outlook," said Curzon.
"In our Open Markets Statement, we are presenting our Leaders with more than recommendations-we are offering a strategic roadmap to restore the economic dynamism that defines our region. Our ask is simple. We are urging our Leaders to help create the breathing room we need to get back to work," concluded Curzon.
The statement can be found here.
