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Mandate
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.
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Structure
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.
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Work Program
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.
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Christine Violago
“Our government leaders will come and go, and there will be new economic trends. But if we continue to invest on education and encourage the youth to be active participants in their communities, internationally or locally, then we can trust that the future of world will be bright indeed. “
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Mark Lozano
“Social prosperity comes from empowering people and businesses.”
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Andre Flores
“Sustainable development can be achieved when people and communities work together and chart tangible ways to ensure no one is left behind. Engaging the vigor and ideas of the youth is one of the key steps towards more inclusivity in global and local discussions on development.”
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Katherine Khoo
“Having the opportunity to interact with and listen to entrepreneurs, CEOs, heads of states, and other thought leaders widened my perspective about the world and eventually led me to the path of supporting impact entrepreneurs in my career. “
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Paolo Monteiro
“Two big lessons: One, certainly the youth have an intrinsic and critical role to play in shaping the Asia Pacific, as they will most probably be its leaders in the foreseeable future. Second, complex global problems require global solutions. These global solutions can only be unearthed through close cooperation and deep partnerships, which can only be made possible by productive and constructive dialogue between peers. “
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Lord Leomer Pomperada
“Young people are already the leaders of today. They are spearheading various projects that contribute to positive change in their own societies.”
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Dana Uson
“The APEC VOF program provided an interesting view of the long process behind dialogue and multinational cooperation. The theme at that time was centered on supporting SMEs and building sustainable and resilient communities, and hearing first hand the accounts from representatives of other economies emphasized that solutions are never a one size fits all.”
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John Kenneth Wu
“As I move forward to be a public servant, this experience reminds me to be a catalyst of change. I will continue to be a voice, not only in the past or the present, but more importantly in the future. We are the Voices of the Future!”
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Randell Aranza
“Having a dialogue in an environment conducive to different perspectives can lead to a breakthrough in understanding and commitments that transcend the needs of various economies. “
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Raiza Kiana Tiwan
“I believe that old doors won’t open new ways. There is a profound need for us to join together for the betterment of our environment and our people.”
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John Mark Jacinto
“As Filipino delegates of this prestigious gathering, we must take this both as an opportunity and a challenge to our fellow youths. It is an opportunity as we are able to impart our learnings and insights to them, but it is also a challenge as we need to ensure that we are able to localize it effectively, and continue engaging with different stakeholders to build a better future for the Philippines and for APEC.“
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Emmanuel Mirus Ponon
“The youth must effectively use their voice to amplify others, disrupt vulnerabilities, and unify people closer together for a purpose greater than themselves, for the environment, society, and future generations.“
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Sydney Joseph Torrenueva
“Amidst common adversities, our greatest strength lies in unity and collective decision-making. Breaking barriers and transcending the borders of our differences allow us to uplift more people and humanity. Ultimately, in crystallizing the vision of a more connected world.“
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Ryan Alabado
” As an educator, I always believed in the capacity of the youths to create significant impacts on the world. So, they must be involved, guided, and heard since it is worth listening to their voices.“
