APEC Business Leaders Call for Partnership in Sustainable Growth
APEC business leaders convened in Bangkok on Monday, emphasizing the need for cross-border partnerships to advance sustainable economic growth, according to a statement released by the Asia-Pacific Economic Cooperation (APEC) secretariat. The meeting, held ahead of the broader APEC leaders’ summit later this month, brought together executives from 21 member economies to discuss trade facilitation, climate resilience, and digital transformation.
The gathering, organized by APEC’s Business Advisory Council (ABAC), focused on reducing barriers to regional trade and accelerating progress on the 2030 Sustainable Development Goals. “Private sector collaboration is critical to bridging the gap between policy aspirations and on-the-ground impact,” said Maria Víctor, APEC’s executive secretary, in a press briefing. “Without shared commitments, global challenges like climate change and inequality will persist.”
Business representatives from China, the U.S., Japan, and Australia highlighted the importance of stabilizing supply chains amid geopolitical tensions. A joint statement from the group called for “enhanced regulatory alignment” to lower costs for small and medium enterprises, a priority for ASEAN nations seeking to integrate more fully into regional value chains. The document also reiterated support for the APEC Blue Economy Conference, set for October 2024, as a platform to scale ocean-based climate solutions.
Industry leaders from Indonesia and the Philippines raised concerns about the slow pace of infrastructure investment in developing economies. “Without modern transport and energy networks, even the most ambitious sustainability targets will remain out of reach,” said Rizal Ramli, chairman of the Indonesian Business Council for Sustainable Development. The group urged APEC economies to prioritize public-private partnerships in sectors like renewable energy and smart agriculture.
The discussions came as APEC prepares to host its annual leaders’ meeting in San Francisco next month, where climate policy and digital trade rules are expected to dominate the agenda. While no binding agreements were announced during the business leaders’ session, participants emphasized the role of private sector innovation in achieving the bloc’s long-term goals. A follow-up meeting is scheduled for November 2024 to review progress on implementation priorities.