Multilateral trade

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(QNO) - The 4th APEC Business Advisory Council Meeting (ABAC 4) came to an end with 20 recommendations for the dialogue between ABAC and APEC leaders on November 10.

ABAC 4
ABAC 4

20 recommendations

The ABAC 4 finished with 20 recommendations on the benefits of liberalization and development of trade and services, the reduction of non-tariff barriers to goods to form an Asia-Pacific free trade area. They consist of 6 recommendations related to integration: fostering the multilateral trading system and the Free Trade Area of the Asia-Pacific region, keeping on the new agenda on non-tariff barriers, facilitating trade and investment, building APEC visions beyond 2020; 4 others on regional and institutional connectivity, infrastructure and people; and 10 recommendations on sustainable and creative development, supports for micro, small and medium enterprises, and businesswomen. ABAC 4 calls on the leaders of APEC economies to show their determination to promote trade liberalization (including goods and services) and the free movement of investment resources.

Expectations

20 ABAC recommendations come from the problems of the enterprises in the APEC member economies. They also fit up with the spirit of the Vietnam's socio-economic development agenda. Industry 4.0 will bring a lot of opportunities for businesses, especially small and medium enterprises. Therefore, the building of e-commercial policies as ABAC’s suggestion helps businesses effectively use digital technology and comprehensively access to regional and global database.

The growth of Vietnam over the past 20 years has been considered to be a result of economic integration and the application of information technology to business. Innovative start-up is always encouraged in Vietnam; it is also good chances for Vietnamese youths.

According to ABAC, 4 priorities (including deepening regional economic integration; achieving sustainable, innovative and inclusive growth; enhancing MSMEs’ competitiveness and encouraging innovation in the digital era; and enhancing food security and promoting sustainable and climate smart agriculture) will become a new development dynamism. It is also a chance to shorten the gap between Vietnam and developed economies. The role of women, along with e-commerce, in economic growth has also been discussed. Therefore, it is necessary to have encouragements for creative start-ups, and especially for women.