APEC bizmen urge free trade

Top business executives across the Asia-Pacific are urging regional leaders to reaffirm their commitment to free trade amid escalating trade tensions and global uncertainties.

- By DEXTER BARRO II

In a statement on Tuesday, July 22, the APEC Business Advisory Council (ABAC), which provides the private sector’s perspective on matters concerning the Asia-Pacific Economic Cooperation (APEC), said the region’s economic growth has long been driven by a shared commitment to an open, rules-based, nondiscriminatory, predictable, and competitive market.

In its recommendation, ABAC urged the leaders of APEC’s 21 member economies to reaffirm their commitment to these principles.

“APEC’s prosperity has long rested on reducing distortions and opening markets, anchored by transparent, rules-based trade but today, that foundation is under threat,” it said.

Without mentioning any specific policy, ABAC stated that trade tensions are disrupting supply chains, hiking costs, eroding investor confidence, and threatening jobs and living standards.