Business Council Submits APEC Recommendations
By Sonia K.

Bandar Seri Begawan - Yesterday, members from the APEC Business Advisory Council (ABAC) Salleh-Bo staman BH Zainal-Abidin, the director of Brunei Shell Co Sdn Bhd, Fauziah Talib, the Founder and CEO IQ-Quest Company, and Stephen Ong, the Managing Director of Teck Guan Holdings Pte Ltd,, handed overABAC Brunei Darussalam report to the Minister of Foreign Affairs and Trade II, Pehin Orang Kaya Pekerma Dewa Dato Seri Paduka Lim Jock Seng, at the ministry.

ABAC comprises up to three members of the private sector from each economy. ABAC members are appointedby their respective leaders and represent a range of business sectors, including small and medium enterprises.

The economy determines the term of membership of each appointee as well as its own administrative arrangements and staff support.

The global economy is witnessing an unprecedented period of high growth. But there are serious risks to that outlook which have intensified in recent months.

The key risks arise from the growing current account imbalances between major economies and the threat of further sharp rises in oil prices given the conflict in the Middle East and the limited excess production capacity. Inflation is increasingly becoming a cause for concern with the prospect of continuing upward movements in global interest rates. Financial markets have become more volatile and there is a perception of increased risk in the global system.

The World Trade Organisation (WTO) trade talks have been suspended, making the prospect of successfully concluding the Doha Round by the end of this year less likely.

So long as these risks remain,-global stability and growth are threatened.

Against this background, ABAC puts forward the following recommendations to APEC Leaders:

Lead the way in the successful conclusion of the WTO DDA negotiations, promote high-quality RTAs/FTAs, Implement the Busan Business Agenda, foster a secure and favourable environment for trade and investment where ABAC urges APEC to remain committed to securing trade flows in a way that is complementary to APEC's goat of trade and investment liberalisation and facilitation.

Next, respond urgently to critical energy situation, meaning, APEC leaders are urged to show leadership in addressing the region-wide challenges posed by energy imbalance and volatile oil prices.

Also, strengthen financial systems because ABAC considers it vital that APEC member - economies take action to strengthen their macroeconomic and prudential frameworks so as to increase their capacity to withstand external shocks and to make them more resilient to the vagaries of the global economic system.  -- Courtesy of Borneo Bulletin

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