The chairperson of the APEC Business Advisory Council (ABAC) yesterday said the council welcomed the upcoming signing of an economic pact between Taipei and Beijing, while calling for greater stability in regional politics and societies to pave the way for a more integrated economy in the Asia-Pacific region.
“The pact is welcome,” ABAC chairman Gempachiro Aihara said during a question-and-answer session with regional reporters in Taipei. “We hope for an earlier possible conclusion.”
Taiwan and China are set to sign a proposed economic cooperation framework agreement (ECFA) next month.
Tsai Hong-tu (蔡宏圖), chairman of Cathay Financial Holdings (國泰金控), one of the three Taiwan representatives attending the ABAC meeting, said that while ECFA-related matters were not directly addressed at the meeting, the general view was positive.
Aihara said more than 50 free-trade agreements (FTA) have been signed between countries in the Asia-Pacific, adding that the long-term goal was to create a FTAAP (Free Trade Agreement of the Asia Pacific).
A FTAAP is considered the most viable way to achieve economic and market integration in the Asia-Pacific. The delegation called for APEC ministers to provide details on the modalities and process informing the move to a FTAAP, thereby enabling the business community to play a larger role in its evolution, according to the statement.
The council was created in November 1995 to provide advice on business-related issues and specific areas of cooperation. Made up of three members from the private sector of each member economy, ABAC represents a diverse range of business sectors.
Aihara also fielded questions from reporters who asked if the current tensions between South Korea and North Korea or the Bangkok riots would hinder progress at the APEC meeting.
“Everyone is concerned,” he said, adding that stability in politics and society was the single most important element for businesses because without it, attempts to forge a more integrated regional economy are pipe dreams, he said.
Politicians should find ways to resolve the tensions in Northeast Asia, he said.
ABAC also called on economies to be prepared to take quick and coordinated action should the crisis in Europe persist and spread toward the Asia-Pacific.
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