APEC expected to endorse measures to make doing business easier
By Imelda Saad, Channel NewsAsia | Posted: 05 November 2009 2227 hrs

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SINGAPORE: APEC leaders are expected to endorse measures that will make it easier for businesses to operate across borders.

Specific targets have been drawn up and will be presented during the Asia Pacific Economic Cooperation (APEC) meeting next week.

APEC's main agenda is economic integration among the 21-member economies. And for companies, this simply means doing business in the region faster, cheaper and easier.

Five areas of priority for reform have been identified - Starting a Business, Getting Credit, Trading Across Borders, Enforcing Contracts and Dealing with Permits.

The aim is to achieve tangible results such as cutting down the cost of shipping a container and reducing the number of days it takes to start a business.

A number of "champion economies" with specific strengths are expected to share their reform programmes.

There is also a new "Supply Chain Connectivity Initiative" to make the movement of goods shorter and cheaper. The choke points have been identified and measures to unblock them will be revealed.

Ravi Menon, Chairperson, Senior Officials Meeting, Permanent Secretary, Singapore Trade & Industry Ministry, said: "Simplifying customs procedures and documentations, means that a business filling up these forms now has an easier task. The details are not out, but in some cases they may not need to fill out forms.

"If you reduce the number of days it starts to set up a business, it is a great help. If it takes 30 days before, now 25 days, you have saved 5 days in starting a business. If it takes x-dollars to ship a container and now it takes x-minus-y dollars to ship a container, it is tangible savings.

"Now these are targets we are setting, we are working at it. It helps particularly small and medium enterprises who do not have the means to operate internationally."

At the end of the eight-day meeting, leaders are expected to issue a standalone statement which will focus on key action items they will commit to.

These include strategies on new growth areas to foster balanced, inclusive and sustainable growth in a post-crisis landscape, which is something that the APEC leaders hope will translate to real benefits to the man in the street.

"It will be about security of jobs and a growing recognition, I think, among many economies. Now that growth needs to be inclusive, that growth needs to be benefiting as many segments of the population. So I think you are going to see a gradual evolution in terms of schemes to enhance worker re-training and so on," said Mr Menon.

"We see that in many economies, and of course safety nets - you want to be able to give short term assistance. But in the long term, you want the person to be able to pick himself up and participate in the economy as part of inclusive growth," he added.

Meanwhile, work is underway to welcome the delegates. The Suntec Convention Centre is one of the main venues for the APEC meeting, and it is a hive of activity as organisers put the finishing touches to welcome some 10,000 delegates to Singapore.

- CNA/sc