Singapore to host Apec Business Advisory Council meeting in February

SINGAPORE will host the first 2022 meeting of the Apec Business Advisory Council (Abac) - the private-sector arm of the Asia-Pacific Economic Cooperation (Apec) - in February.

This was announced at the virtual 4th Abac Meeting on Wednesday (Nov 10) morning. After two years of virtual meetings, Apec and Abac will return to in-person meetings in 2022 under Thailand's chairmanship, said the Singapore Business Federation (SBF) in a statement.

As the Abac Singapore secretariat, the SBF will host business leaders and senior officials from the 21 Apec economies in Singapore, at Thailand's invitation.

SBF chief executive officer Lam Yi Young will take over from former SBF chief executive and current senior advisor Ho Meng Kit as chair of the Regional Economic Integration Working Group in 2022, overseeing issues of cross-border trade and investment, and championing for closer economic ties in the Asia-Pacific.

On Nov 11, Singapore Prime Minister Lee Hsien Loong will attend the virtual annual dialogue between Abac and Apec economic leaders, and deliver a keynote speech on digital disruption at the virtual 2-day Apec CEO Summit, the Prime Minister's Office announced on Wednesday.

Lee will also participate in the virtual 28th Apec Economic Leaders' Meeting, chaired by New Zealand Prime Minister Jacinda Ardern, on Nov 12.

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At Wednesday's meeting, the Abac Report was presented to Apec leaders. It set out 43 recommendations from the business community, in areas such as regional economic integration, sustainability, inclusion, digital, and finance issues.

The SBF had led the development of recommendations on border reopening, with four priorities. One is to develop and implement a regionally consistent framework for business and social interactions.

A second priority is to harmonise travel regimes and green lanes, including additional health protocols for vaccinated travellers, in line with local protocols and restrictions.

The third is knowledge sharing and information exchange, to spur discussions on mutual recognition and to encourage the adoption of existing standards and protocols.

The fourth and final priority is the establishment of a multi-disciplinary Apec task force to help create an Apec-wide framework.

Said Ho: "Businesses in the Asia-Pacific are hopeful for the economic recovery to continue strongly in 2022. Though there are risks such as uneven vaccinations, new virus mutations and messy border reopenings, these can be tackled if economies work collectively in a strong and coordinated manner. Apec is the right organisation for such cooperation.

"Businesses want to work closely with governments and all stakeholders in Apec, not only to put the pandemic behind us, but to build a strong and resilient Asia-Pacific community."