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APEC urged to strengthen financial market at annual meeting in Bali

Source: Xinhua | October 7, 2013, Monday | Online Edition

The Asia Pacific Economic Cooperation (APEC) forum was urged to reinforce its members' financial markets to contribute to the inclusive growth of the Asia-Pacific region at their gathering in Indonesia's resort island of Bali, said a report of the APEC Business Advisory Council (ABAC) released today.

Against the backdrop of uncertain economic recovery, much remains to be done for APEC to underpin the resilience and openness of their economies that have been affected by the slowdown in global demand, the report noted.

Created to build a region of common and sustained prosperity in 1989, APEC has grown into an organization, accounting for around 54 percent of world GDP and 48 percent of global trade.

"We believe that APEC should develop a more ambitious agenda on trade, investment and services and continue to strengthen our financial markets to build foundations for more resilient and inclusive growth," the report said.

It also appealed for major infrastructure investment across APEC to sustain growth and open new opportunities to integrate APEC economies into regional and global markets.

Since more liquid, integrated and stable financial market is required to bolster economic growth in the Pacific Rim region, ABAC reiterated its call on APEC economies to endorse the launch of the Asia-Pacific Financial Forum (APFF), a regional platform for enhanced collaboration among regulators, officials, financial industry and multilateral, standard-setting and capacity building bodies.

The council also encouraged APEC leaders to spearhead in " ensuring their economies remain open to cross-border investment and promote broad understanding of the benefits of foreign direct investment as a driver of sustainable growth and employment."

ABAC was created by the APEC Economic Leaders in November 1995 to provide advice on the implementation of the Osaka Action Agenda and on other specific business sector priorities. It comprises of up to three members of the private sector from each member economy.

The Fourth ABAC meeting was held in Bali from Oct. 2 to 5, 2013.

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