Push Free Trade and Restore Confidence: Business' Call to APEC Leaders: ABAC, APEC's Business Arm, Has Made Some Frank Assessments about the State of the World Economy in Its 2002 Report to Leaders. (Cover Story)

By Ramsay, Randolph | Business Asia, October 2002 | Go to article overview

Push Free Trade and Restore Confidence: Business' Call to APEC Leaders: ABAC, APEC's Business Arm, Has Made Some Frank Assessments about the State of the World Economy in Its 2002 Report to Leaders. (Cover Story)


Ramsay, Randolph, Business Asia


The world economy is in dire shape, and steps need to be taken urgently to address the situation, global business leaders say.

The Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC), in its annual report to APEC economic leaders, has given a frank assessment of the global state of play. There is no talk of an upturn, no discussion about the light at the end of the tunnel. ABAC's members, made up of the region's leading business minds, are deeply concerned about the depressed state of the world economy, and want APEC leaders to do something about it. Paul Song, a US-based ABAC member and the CEO of Noetix Corporation, sums up the seriousness ABAC members view the current situation by comparing what is happening now to events early last century.

"In many ways, we have not seen such a disruption to so many different sectors of our economic engine since the Great Depression," he said. "Given the fact that our economies are much more linked globally than ever before, these disruptions are not isolated to a country or even a region. The need to coordinate a recovery plan amongst many countries with different political, cultural and economic priorities is real, but in practice extremely challenging."

Much concern

In a letter to APEC 2002 chair Mexican President Vincente Fox, ABAC members made it clear in no uncertain terms the depth of their concern. The letter, drafted after ABAC's last meeting held in Hong Kong in August, stated that "the central challenge facing APEC economies today is the prospect of a precipitous decline in the global economy".

"Our main concern is that actions taken in difficult times should not exacerbate the problem by stepping back form the vision of free and open trade."

In these uncertain times, ABAC has urged APEC member economies to join together and tackle the problems they face as a cohesive global unit. Javier Prieto, ABAC chair for 2002, in his opening letter to President Fox as part of the 2002 ABAC report, has called for APEC to "band together to ensure a stable and prosperous future for all citizens".

"We must remain vigilant in the face of adversity, and APEC has a historic opportunity to lead the global community back onto the road of security, peace and prosperity," he said. "For these reasons, ABAC has chosen `Sharing Development to Reinforce Global Security' as its theme for 2002."

Push trade

Topping off the list of ABAC concerns is that no backwards steps should be taken in regards to free trade. ABAC members have called for Asia Pacific economies to embrace the concepts of free trade and globalisation to ensure greater benefits for all.

"Now is the time for APEC economies to reaffirm their commitments to the Bogor Goals and to undertake initiatives to secure desirable outcomes from the WTO negotiations at the earliest possible time," the report to APEC leaders stated. "These actions should continue to be balanced with a more focused capacity building program aimed at promoting the growth and the competitiveness of its developing member economies."

ABAC wants concrete action to take place on the trade front, and has nominated several key areas where government attention should be focused. "In our view, urgent action is required to free up access and eliminate export subsidies in agricultural products; free up access and reduce tariffs on tropical products; liberalise the services sectors; lower high tariffs on manufactured products including textiles and apparel; and eliminate the misuse of anti dumping actions and trade restrictive non-tariff measures," the report stated. "Priority must also be given to enhancing the capacity of members to negotiate effectively, implement WTO commitments, and lock in gains from liberalisation of trade and investment."

Restoring confidence

Responding to recent corporate scandals such as Enron and WorldCom, ABAC members have stated their concerns about the effect these scandals have had on global investor confidence. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Push Free Trade and Restore Confidence: Business' Call to APEC Leaders: ABAC, APEC's Business Arm, Has Made Some Frank Assessments about the State of the World Economy in Its 2002 Report to Leaders. (Cover Story)
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.