ABAC to Urge APEC Leaders to Ensure Everyone Benefits from Economic Integration
A retreat into protectionism and inward looking policies is not a solution to the economic problems the region faces, business leaders meeting in Lima for the APEC Business Advisory Council said on November 15, 2016.
“In the face of growing public disquiet about the impact of freer trade and investment, business leaders are concerned that many governments are looking to impose new tariff and non tariff barriers,” said Juan Raffo, ABAC Chair for 2016: “Protectionist actions make it harder for business to play its part in creating employment and raising living standards across the region”, said Raffo.
“Brexit and recent election results in both developed and developing economies seem to have served as a referendum on the merits of economic integration. They have created an unprecedented uncertainty about the direction of the global economy. They appear to call into question the successful model of economic integration that has been responsible for rapid growth and the spread of prosperity around the world,” Raffo added.
“We accept the need to do more to help convince our citizens that economic integration is directly linked to expanding prosperity and that open markets - enhanced by new technologies and ways of doing business - have lifted millions out of poverty.”
“Sound policy and regulatory quality will enhance the ability of business – both large and small. This will also spur new sources of growth such as in the services sector, raise productivity and promote innovation benefitting all sectors of our society,” said Raffo.
Press-release at the official APEC web-site