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» » A meeting of the APEC Business Advisory Council was held

A meeting of the APEC Business Advisory Council was held


In the period from February 16 to 18, 2022, FBA EAC participated in the meeting of the Business Advisory Council of the Asia-Pacific Economic Cooperation (APEC) (APEC Business Advisory Council - ABAC), which took place in Singapore and was held in a mixed format.
The ABAC consists of three representatives from each APEC economy, appointed by the leaders of the APEC member countries.
The meeting was opened by the Minister of Trade and Industry of Singapore, Mr. Gang Kim Yong.
The Chairman of the ABAC for 2022 and the chairman of the Federation of Thai Industry, Mr. Supant Mongkolsutri recalled that the basis of the activities of the ABAC is "to accept, involve and activate". He also noted that "the business  community has more opportunities during big shocks. We can use the synergy from collective interaction, problem solving and support of our communities to fully realize the potential of our region."
During the meeting, the business leaders of the Asia-Pacific region confirmed their determination to continue close cooperation in a complex, interconnected and rapidly changing region, because in this difficult time for the economy, accepting challenges and collective interaction are the keys to success in the Asia-Pacific region.
All participants agreed that the Pandemic remains the main problem, and 2022 gives us a chance to adopt a new norm - to reopen borders safely through fairer access to vaccination and more region-coordinated approaches to travel, as well as increased work to smooth out disruptions in the supply chain. It is also necessary to ensure higher productivity by intensifying structural reforms.
The future-oriented trade architecture of the region is of great importance. The APEC leaders set the goal of creating a free trade zone in the Asia-Pacific region. The foundations have been laid — now it’s time to get to work using everything that businesses have learned about resilience and inclusivity during the pandemic.
Climate change will become another important area. It is necessary to make the transition to a low-carbon, green closed-loop economy in the APEC region and contribute to the formation of a plan for the implementation of a sustainable, digital and trade-friendly food system within the framework of the new APEC roadmap for food security.
The main topic of all this work is digital transformation. Digital technologies can help accelerate the green recovery, stimulate trade expansion and create new opportunities, but for this we need to create a suitable enabling environment and infrastructure.


Irina Gorbulina, Head of the Representative Office of the FBA EAC in the Commonwealth of Australia and New Zealand, took part in the event on behalf of the FBA EAC.