The APEC Business Advisory Council (ABAC) wraps up its 2023 activities in San Francisco, USA, presenting recommendations to APEC Leaders for a more equitable, sustainable, and opportunity-filled Asia Pacific region
The Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) held its final meeting of 2023, ABAC IV, in San Francisco, USA, from 11th to 16th November 2023. Business leaders representing all 21 APEC economies gathered to assess progress made in 2023 and set the agenda for 2024.
The Council’s year-long work program covered economic, environmental, and digitalization issues, producing recommendations on advancing trade and sustainability, improving trade resilience, leveraging the digital economy, and financing sustainable innovation. These recommendations were presented to APEC Leaders to foster sustainable and inclusive growth in the region.
Representatives from Singapore, including Mr Kok Ping Soon (CEO of Singapore Business Federation), Mr Wong Wai Meng (Chair of SGTech), and Ms Elaine Lam (Head of Global Corporate Banking, OCBC), actively participated in the discussions.
At the ABAC Dialogue with Leaders, held earlier, ABAC Members engaged with Heads of Governments of APEC Economies, including Singapore Prime Minister Lee Hsien Loong, discussing work program themes of Equity, Sustainability, and Opportunity. ABAC Singapore Members presented the 2023 ABAC Letter and Report to Prime Minister Lee.
Additionally, ABAC Singapore Members met with Minister for Trade and Industry Gan Kim Yong and ministers of other Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) parties, welcoming the UK’s accession to the agreement. Mr. Kok urged CPTPP leaders to expand the agreement while adapting to new business models arising from rapid digitalization.
Singapore Business Federation (SBF) played a pivotal role in advancing the trade digitalization and sustainability agenda at ABAC. Recommendations were made to facilitate trade in environmental goods and services, emphasizing the importance of cooperation in today’s trade landscape.
As part of the Economic Integration Working Group (EIWG), Mr. Kok encouraged businesses in APEC Economies to participate in pilot trials for digitalizing trade documents using the Singapore Trade Data Exchange (SGTraDex) platform.
Mr. Wong, Vice-Chair of the Digital and Innovation Working Group (DIWG), led efforts to establish Digital Trust as a cornerstone of digital economy policy frameworks in APEC, aiming to counterbalance the growing erosion of confidence and narrow the digital divide.
Ms. Lam, leading a workstream under the Finance Task Force, participated in an Executive Dialogue to discuss private-public collaboration in climate-aligned finance. She emphasized the need to leverage APEC as a platform to promote and mobilize financing for the net-zero transition, particularly towards sustainable innovation.
ABAC Singapore expressed its commitment to supporting Peru in their APEC and ABAC chairmanship in 2024. SBF will continue representing the Singapore business community on international forums, advocating strongly for business interests.
Source – SBF
