APEC Business Advisory Council | ABAC Philippines

APEC Leaders, in 1995, established the APEC Business Advisory Council (ABAC) tasked to provide private sector perspective towards achieving free and open trade and investments in the Asia Pacific region (Bogor goals). In 2020, Leaders adopted the Putrajaya Vision, for an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.

The Council had its first meeting and dialogue with the Leaders in 1996, when the Philippines first chaired APEC. Ambassador Roberto Romulo of the Philippines served as ABAC’s founding chairman.

Every year, ABAC submits a Report to APEC Leaders which outlines key recommendations focused on regional economic integration. ABAC also engages with Ministers, especially those responsible for Trade, Finance, SME, Energy, Food Security, Health, and Women to address urgent challenges.

ABAC is composed of three executives per economy, appointed by the respective President or Prime Minister, and their designated alternates. The members meet four times a year, one every quarter, each running 3-4 days.

ABAC discusses its priorities under five working groups: (1) Regional Economic Integration, (2) Finance and Economics, (3) MSME and Inclusiveness, (4) Sustainability, and (5) Digital.

As the voice of business in the region, ABAC provides advice to Leaders – recommending policy and regulatory reforms, as well as initiatives that would help achieve APEC Goals. This is essentially done at the ABAC Dialogue with Leaders which takes place during the Annual Economic Leaders Meeting.

There is also a Dialogue with APEC Senior Officials during the first ABAC meeting of the year. ABAC reports to APEC officials every after ABAC meeting for updates and alignments.

ABAC 2024, under the chairmanship of the Peru with the Theme: “People. Business. Prosperity.” will focus on the following:

Regional Economic Integration Working Group: (1) Revitalizing the strategy towards FTAAP and regional trade architecture; (2) Advancing digital trade and a new service agenda; (3) Creating an enabling investment environment through investment facilitation practices; and (4) Modernizing tax systems in the era of the digital economy.

Sustainability Working Group: (1) Securing food sustainability and advancing responsible natural resource management; (2) Fostering circular economy practices and effective waste management; (3) Driving the shift to low-carbon economies and energy transition; and (4) Enhancing natural disaster risk preparedness and building robust infrastructure.

Human Development Working Group: (1) Strengthening pensions and healthcare systems; (2) Boosting digital transformation for human and skills development; and (3) Advancing financial inclusion.