Rising Expectation to APEC
— Towards achieving the liberalization and facilitation of trade and investment in the region —
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum by 21 member economies. Member economies in the region account for approximately 50% of global GDP and about 40% of world trade and population. Since the establishment in 1989, APEC has continued to work on enhancing the liberalization and facilitation of trade and investment as well as economic and technological cooperation.
In 1994 at the APEC Economic Leaders' Meeting in Bogor (Indonesia) APEC Leaders agreed to the Bogor Goals, which was to realize free and open trade and investment in the region by 2020. APEC has been promoting various initiatives such as to work towards building a FTAAP (Free Trade Area of Asia Pacific), which is the most effective means for achieving the Bogor Goals.
It is more important than ever to keep the economic cooperation framework for underpinning the global economic recovery and growth. APEC's role to contribute to the world economy has increased dramatically.
Role of ABAC
— Sole official private sector advisory body of APEC,
which has direct communication with the APEC Leaders —
The APEC Business Advisory Council (ABAC) is the sole official advisory entity of the private sector for the APEC Leaders' consultation. ABAC is comprised of up to three members from each of the 21 economies participating in APEC. ABAC mainly discusses the ideal framework for trade and investment in the Asia-Pacific region from a business perspective and is given opportunities to provide policy recommendations directly to APEC Leaders and Ministers. A dialogue between ABAC members and APEC leaders is held every year during the APEC Leader's week.
In Japan, Hideaki Omiya (Chairman, Mitsubishi Heavy Industries, Ltd.), Motomu Takahashi (Counselor, Mitsui & Co., Ltd.), and Nobuhide Hayashi (Chairman, Mizuho Bank, Ltd.) are the three ABAC members. (as of November, 2017)
Support Council for ABAC Japan
— Reflecting voices of Japan's business in APEC policies —
The Support Council for ABAC Japan (SCABAC-J) was established in December, 1999, with full support by four major economic federations and associations in Japan: Keidanren, The Japan Chamber of Commerce and Industry, Japan Association of Corporate Executives, and Kansai Economic Federation. SCABAC-J aims to foster communication between Japan's ABAC Members and the Japanese business sectors to reconcile its views with APEC policy discussions. The major activities of SCABAC-J include;
- Support Japan's ABAC Members and their staffers
- Enhance cooperation with SCABAC-J's member companies and supporting organizations of ABAC-JAPAN.
- Reflect voices of Japanese business sectors in ABAC's recommendation to APEC Leaders
There are still many obstacles on frameworks, rules and systems for trade and investment that prevent companies from fully expanding their global cross-border business activities. SCABAC-J assists ABAC in making policy recommendation to improve international business environment, and contribute to the business development and growth of Japanese companies.