The APEC Business Advisory Council (ABAC), a permanent high-level business advisory group that is created by the Asia Pacific Economic Cooperation (APEC), has given five recommendations to the 21 member countries of the APEC. These recommendations involve regional economic integration, sustainable development, entrepreneurship as well as small and medium enterprises (SMEs), an economic and banking forum, and lastly, a dialogue in the industry sector concerning scientific innovation.
Regarding regional economic intregration, ABAC advises accelerated liberalization of trade and investments, the pursue of a new agenda in services, and a strengthening of the supply chain connectivity for goods and services.
On the topic of sustainable development, the group stresses the need for a focus on matters such as food security, energy security, water supply security, construction and infrastructure investment, transparency and efficiency in government procurement of goods and services, and lastly, the development of technology and innovation.
Furthermore, the advisory group says that APEC members can contribute to the creation of new business models, business sustainability, facilitating the use of information technology, support meetings between SMEs, encouraging the participation of women and young people in business, as well as to impose a code of business ethics for SMEs.
Lastly, the group supports the organizing of dialogues and forums in order to enhance financial integration, public-private partnerships and infrastructure funding.
The APEC, consisting of 21 member countries, is an important engine for the world's economic growth as its member countries account for 44 percent of the world's total trade and investment. Combined, the economies of the APEC are expected to grow 6.3 percent in 2013, and 6.6 percent in 2014, which is almost twice as much as forecasts for the world's total economic growth in both years.