concluded its four-day meeting in Tokyo on Sunday, calling for decisive action to boost trade, digitalization and climate response.
"Tackling trade and investment barriers, promoting digitalization and accelerating the climate response is urgent. We can’t wait any longer," said Julia Torreblanca, the 2024 Chair of ABAC.
ABAC also prepared detailed recommendations to Ministers of Finance; Health; Energy; Food Security; and Small- and Medium-sized Enterprises.
"All APEC economies should join the new WTO E-commerce Agreement, which prevents the use of tariffs on digital trade and lays a critical foundation," she added.
The ABAC chairwoman underscored the need for a renewed APEC Investment Facilitation Agenda and enhanced supply chain cooperation.
"Another key focus of ABAC is on boosting interoperable digitalization in our region and enabling small businesses to access digital tools like interoperable paperless trade and artificial intelligence (AI). All this, within an AI framework that maximizes benefits while mitigating the risks, particularly for workers," Torreblanca indicated.
"We have also identified concrete actions to enable micro, small and medium enterprises, especially those led by women and Indigenous entrepreneurs, as well as those in the informal economy, to succeed," she noted.
Lastly, addressing the climate crisis, the ABAC chairwoman called for urgent collective action to ensure sustainable and resilient growth.
"The world has now experienced over 12 consecutive months of temperatures exceeding 1.5 degrees above pre-industrial levels. Public-private sector collaboration will be essential to unlock and scale up financing for the energy transition, innovation and disaster resiliency," Torreblanca emphasized.
"We are also advocating for a new Greener Trade Framework to support emissions reduction throughout supply chains and the transition to a low-carbon economy," she added.
ABAC delegates had the opportunity to engage in different events with local business community and senior government officials, including Japan's Prime Minister Fumio Kishida; Foreign Affairs Minister Yoko Kamikawa; Economy, Trade, and Industry Minister Saito Ken; Digital Transformation Minister Taro Kono; and Tokyo Mayor Yuriko Koike.
Torreblanca expressed gratitude to the government for their continued support of the APEC process, and ABAC Japan for their excellent hosting of the meeting.
21 leading economies
APEC is made up of:
Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.
Together, they account for 62% of world's GDP, 48% of global trade in goods and services, plus 38% of the planet's population.