Apec economies should prioritise structural reforms: SBF

THE Singapore Business Federation (SBF) agrees that Asia-Pacific Economic Cooperation (Apec) economies should push for structural reforms as this will benefit the region at large over time, as well as Singapore companies.

The chamber emphasised this as it represented the Singapore business community at the Apec Business Advisory Council's (Abac) second meeting for 2016 in Port Moresby, Papua New Guinea.

At the meeting, Abac emphasised the need for Apec leaders to place top priority on structural reforms and policies which enhance the flow of trade and investment, spur new sources of growth, raise productivity and promote innovation.

Said SBF chief executive officer Ho Meng Kit: "In spite of rough waters in the global economy, it is important for Singapore companies to be creative and to continue to be on the lookout for global opportunities to facilitate their growth.

"Abac's continued push for Apec economies to prioritise economic reforms and policies to improve the region's business environment and spur trade and investment will benefit Singapore companies over time."

Examples of such economic reforms include the establishment of a Free Trade Area of the Asia Pacific (FTAAP), as well as the prompt ratification of the Trans Pacific Partnership (TPP).