AN international business advisory group has issued a statement calling on its members in the Asia-Pacific region to act firmly in addressing economic pressures, including trade restrictions, energy market shocks, and supply chain disruptions.
“We are at a critical inflection point. Business confidence is being tested by uncertainty on multiple fronts. What we need now is decisive, collective action to restore predictability and stability, and set a clear path toward sustainable growth,” said Li Fanrong, chairman of the APEC Business Advisory Council (ABAC), the voice of the Asia-Pacific Economic Cooperation, an intergovernmental forum with 21 member countries.
The global trade and investment environment is under “acute stress and requires bold policy moves to restore confidence, resilience, and long-term prosperity across the Asia-Pacific,” ABAC said, noting that “the stakes for jobs, living standards and long-term prosperity have never been higher, with the risks falling on micro and small enterprises, women entrepreneurs and vulnerable communities.”
The group proposed a set of priority actions aimed at restoring growth momentum and strengthening the foundations of regional economic cooperation:
– Accelerate Free Trade Area of the Asia Pacific (FTAAP) progress by prioritizing practical, high-impact, short-term deliverables alongside convergence in trade rules architecture to build momentum toward an open regional trade environment;
– Strengthen connectivity and supply chain resilience by addressing vulnerabilities, ensuring responsible mineral sourcing, facilitating legitimate trade and enhancing transparency and sustainability;
– Invest in trade and logistics infrastructure and reduce barriers to maritime and air transport, including expanding regional and secondary-city connectivity to support mobility, trade and investment;
– Promote market diversification by improving access to market intelligence, trade tools, and capacity-building, especially for MSMEs entering new markets;
– Address non-tariff barriers in food trade by applying APEC principles on non-tariff measures (NTMs) and promoting science-based, transparent measures to reduce compliance burden on food businesses, strengthen food security and sustainability;
– Advance digital trade and transformation by establishing a permanent ban on tariffs for digital products, along with enabling universal paperless trade via the new APEC Centre of Excellence for Paperless Trade, fostering interoperable regulations, promoting responsible AI, combating online fraud, and supporting quantum technology governance and literacy; and
– Enhance women’s economic empowerment by removing structural barriers, advancing equal pay, increasing leadership opportunities and strengthening the care economy as essential economic infrastructure.
“ABAC will convey these recommendations to Ministers Responsible for Trade who will be meeting in May. ABAC will also send a letter to the Women and the Economy Forum which contains its recommendations to enhance women’s economic empowerment,” the group said.
“ABAC’s role is to ensure that the voice of business remains central to APEC’s work,” Li Fanrong said. “We will continue to work with Leaders and Ministers to ensure that policy keeps pace with the realities businesses are facing on the ground.”
