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).
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 trade and investment in goods and services – removing barriers behind the border, at the border and across the border.
ABAC writes to and engages with Ministers, especially those responsible for Trade, Finance, SME, Energy, Food Security, Health, and Women to address urgent challenges. The Council also participates in APEC committee meetings including sub-fora discussions, as well as initiatives of APEC economies.