APEC 2017: APEC Business Advisory Council convenes fourth meeting

At the opening ceremony of ABAC 4th meeting on November 5th

On the day, delegates are gathering for meetings of the Asia-Pacific Financial Forum (APFF) and the Advisory Group on APEC Financial System Capacity Building.

The ABAC is the private sector arm of the Asia-Pacific Economic Cooperation. APEC economic leaders established ABAC in November 1995 to advise them and other APEC officials on issues relating to business activities in the region.

ABAC also responds to requests from various APEC sub-groups for information about the business perspective of specific areas of cooperation.

ABAC meets four times per year to make proposals for submission to APEC Economic Leaders’ Week.

The three previous meetings took place in Bangkok, Thailand on February 19-23, Seoul, the Republic of Korea on April 26-29, and Toronto, Canada on July 24-28.

The fourth meeting, scheduled to last until November 6, is one of the main activities of the APEC Economic Leaders’ Week, which will take place in Da Nang city from November 6-11.

Established in 1989, the Asia-Pacific Economic Cooperation (APEC) forum comprises of 21 economies, including Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.

APEC represents about 39 percent of the world’s population and contributes 57 percent to the global GDP and 49 percent of international trade.