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SINGAPORE : The business council advising APEC leaders has come up with a final set of recommendations for the grouping's leaders.
The recommendations are aimed at ensuring open trade and investments to sustain the region's economic recovery.
The APEC Business Advisory Council (ABAC) concluded its final meeting for the year on Wednesday in Singapore, and is due to communicate the results to the grouping's leaders on Saturday.
Easing trade flows is one of the most important issues for ABAC this year. It is going to push for the conclusion of the Doha Round, which strives to lower trade barriers, in 2010.
At the same time, it wants to have APEC leaders commit to initiating the Free Trade Area for Asia Pacific, which is expected to help ease supply chain conditions.
This is expected to give a big boost for another item on its agenda - helping small and medium sized companies (SMEs) beyond just free trade agreements (FTAs).
"Dealing with 42 FTAs within the region is just no way for SMEs to do business, and they cannot construct a supply chain. If you don't have a supply chain, you can't run the business," said Teng Theng Dar, chairman of ABAC.
Overall, ABAC noted that risks remain, despite the global recession beginning to end. However, it said the current economic climate is likely to help speed up the process.
"When the environment is (good), everyone is comfortable, and the process will probably take a longer time. But now, everyone knows it's critical... (and) everyone says the same thing - that we must act," said Teng.
ABAC leaders have come up with 19 key recommendations to be presented to the 21 APEC leaders on Saturday. And that will be the last time that these business leaders will meet this year. The next time they do so is in February 2010 in Japan. - CNA /ls
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