Business calls on APEC leaders to exercise collective leadership and take decisive action for recovery and growth

By APEC Business Advisory Council (ABAC)

BANGKOK, Thailand – The chair of the APEC Business Advisory Council (ABAC) 2022 and chairman of the Federation of Thai Industries Kriengkrai Thiennukul presented ABAC’s report to APEC economic leaders to prime minister Prayut Chan-o-cha, the chair of APEC 2022.

Under Thailand’s leadership, ABAC is pursuing a work program with the theme “Embrace. Engage. Enable.” to respond to the challenge of maintaining the economic vitality of the Asia-Pacific region and ensure it benefits all.

“The report contains ABAC’s recommendations to APEC leaders to meet the unprecedented economic crises faced by the Asia-Pacific region arising from the consequences of the continuing pandemic, geo-political conflict, inflation and supply chain disruptions which impact directly on business, both large and small,” said Kriengkrai.

“These recommendations will be the basis of our discussions when we meet with APEC leaders during our annual dialogue on 18 November.”

The goals of ABAC’s recommendations are firstly to speed up the region’s economic recovery and secondly to regain the momentum for dynamic, sustainable, inclusive and resilient long-term growth.

Tackling inflation, food insecurity, restrictions on the movement of essential goods and services to tackle the pandemic, as well as the safe reopening of borders to restore economic activity, will be key to speeding recovery.

Regaining the momentum for long-term growth will require actions to address the consequences of climate change.

It will also require the furthering of regional economic integration by supporting the global rules-based trading system and accelerating the realization of the Free Trade Area of the Asia-Pacific, enhancing support for micro, small and medium enterprises, including women-owned and indigenous businesses to foster inclusion, encouraging the faster and wider uptake of digital technologies and pursuing fiscal consolidation and structural reform.

“All these actions are all fundamental to ensuring that our region will be seamless, dynamic, resilient, and sustainable; and a place where everyone including disadvantaged and under-served groups can enjoy the benefits and opportunities offered by deeper regional economic integration,” Kriengkrai concluded.

“But this will require even greater collective leadership and decisive action from APEC. We, the business sector, are committed to playing our role in this effort.”