Home / Knowledge / News / Business leaders voice concern on barriers to free trade
Business leaders voice concern on barriers to free trade
Aug '10
Business leaders from the Asia Pacific region have expressed concern over new trade protection measures that have emerged in the wake of the global financial crisis.

Meeting in Bangkok this week, the APEC Business Advisory Council (ABAC) also renewed its call for member economies to take action to move towards establishing a Free Trade Area of the Asia-Pacific (FTAAP).

APEC's commitment to pursuing free and open trade and investment has increased employment and social stability and helped reduce poverty in the region, said ABAC Chair Gempachiro Aihara.

“It has become imperative for Asia-Pacific Economic Cooperation (APEC) to give renewed commitment to achieving deeper regional economic integration in view of economic uncertainty and the resulting protectionist pressures that threaten to reverse these gains.”

“In our view, the FTAAP is the most practical means to achieve this.”

ABAC said establishing an FTAAP was the best way of achieving “high-quality growth”. Although free and open trade and investment are still key to regional prosperity, APEC announced earlier this month its commitment to quality economic growth, selecting five attributes for action: balanced, inclusive, sustainable, innovative, and secure growth.

With the global economy still facing uncertainty and the Doha round of world trade talks stalled, ABAC also said a new push for greater regional economic integration was crucial to helping economies sustain their recoveries following the economic downturn.

ABAC will put forward their recommendations to APEC Leaders on the way forward for APEC during meetings in Yokohama in Japan in November.

ABAC includes representatives from the business communities in each of the APEC's 21 member economies. Those representatives provide APEC Leaders with information on the priorities and concerns of the business sector. The third ABAC meeting was held from August 24-27 in Bangkok.

APEC Business Advisory Council

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search