APEC business council calls for freer trade<\/p>\n
MANILA (Agencies): The APEC Business Advisory Council ended
\nits inaugural meeting here yesterday with a commitment to speed
\nup the liberalization of trade and a call for a single visa for
\nbusiness travelers in the region.<\/p>\n
Jose Luis Yulo, co-chairman of the council's cross-border
\ncommittee, said members called for a five-year waiver of national
\nvisa requirements for business people. Instead, business people
\nshould use a single visa for the region which would be good for
\n60 days and certified by the Asia-Pacific Economic Cooperation
\nforum (APEC), he said.<\/p>\n
Robert Denham, chairman of Salomon Inc., was quoted in a
\nstatement as saying such a system \"would be a great benefit\" and
\nwould \"improve the climate of business in the region.\"<\/p>\n
In the meeting, the council also decided to focus on key areas
\nfor trade liberalization, which they defined as infrastructure,
\nfinance, investment, small and medium enterprises, human resource
\ndevelopment, cross-border mobility and strengthening of the APEC
\ncommunity.<\/p>\n
The council is made up of three company presidents from each
\nof the 18 economies within APEC. It serves as an advisory council
\nto APEC, providing the viewpoint of the business community.<\/p>\n
The council chose the Philippines as the provisional host of
\nits secretariat.<\/p>\n
The Business Advisory Council will hold another meeting in
\nHawaii in August and in Hong Kong in September to prepare for the
\nAPEC summit to be held in the Philippine port of Subic in
\nNovember.<\/p>\n
APEC includes Australia, Brunei, Canada, Chile, China, Hong
\nKong, Indonesia, Japan, South Korea, Malaysia, Mexico, New
\nZealand, Papua New Guinea, Singapore, Taiwan, Thailand, the
\nUnited States and the Philippines.<\/p>\n
APEC countries, which account for some 45 percent of global
\ngross domestic product and 50 percent of world trade, are
\ncommitted to liberalizing trade and investment in the region by
\n2010 for developed economies and 2020 for the less advanced.<\/p>\n
\"Our first ABAC meeting did produce results beyond what we had
\nhoped for -- business-oriented, results-oriented, specific and
\nproductive,\" said Minoru Mirofushi, president and chief executive
\nofficer of Japan's ITOCHU Corp.<\/p>\n
They set up five committees to come up with recommendations to
\nbe presented to the APEC national leaders at their summit in
\nManila in November.<\/p>\n
One committee, chaired by Hong Kong entrepreneur Gordon Wu,
\nchief executive of Hopewell Holdings, will concentrate on ways to
\nmeet Asia's massive infrastructure needs.<\/p>\n
Another, led by Salomon Inc chairman Robert Denham, will focus
\non the financial sector.<\/p>\n
Others will focus on cross-border mobility of people and
\ninformation, fostering small and medium scale enterprises, and
\ndeveloping an APEC community spirit.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/apec-business-council-calls-for-freer-trade-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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