The first meeting of the APEC Business Advisory Council (ABAC 2022) in 2022 has emphasised digital transformation, as the region experiences sudden and extreme changes in the business environment.
First meeting of the APEC Business Advisory Council in 2022 (Photo: thainews.prd.go.th)
Bangkok (NNT/VNA) - The first meeting ofthe APEC Business Advisory Council (ABAC 2022) in 2022 has emphasised digital transformation,as the region experiences sudden and extreme changes in the businessenvironment.
The meeting was chaired by Supant Mongkolsuthree, chairman of the Federation ofThai Industries (FTI), and ran from February 15-18 at the Resorts World SentosaConvention Center in Singapore.
During the meeting, the Regional Economic Integration Working Group (REIWG)resolved to promote the works of the World Trade Organization (WTO) under themultilateral trading system. It also recommended the promotion of trade andinvestment in the region, along with the safe opening of borders in thepost-pandemic era.
The Digital Working Group (DWG) meanwhile said it would promote digital infrastructureat the regional level in order to boost trade and improve competitiveness.
The MSME and Inclusiveness Working Group (MSMEWG) also said it favoredpromoting the development of a digital system for MSMEs, along with digitalinfrastructure for supply chain financing.
The Sustainability Working Group (SWG) meanwhile suggested that APEC focus onclimate change and an environmental-friendly economic recovery by promotingalternative energy sources and food security.
Finally, the Finance and Economics Working Group (FEWG) recommended thedevelopment of public-private partnerships for pandemic risk financing. The aimwould be to fund sustainable infrastructure projects in the region.
The working group also suggested that the bloc create a favorable environmentfor digital currency systems./.
ASEAN Foreign Ministers reaffirmed their commitment to ensuring the full and effective implementation of the Regional Comprehensive Economic Partnership (RCEP) during the ASEAN Foreign Ministers’ Meeting Retreat (AMMR) that was held in Phnom Penh, Cambodia, in both in-person and online formats from February 16-17, according to Cambodian Minister of Foreign Affairs and International Cooperation Prak Sokhonn.
ASEAN foreign ministers shared the view that solidarity and unanimity remain the key factor in the bloc’s activities while attending their meeting retreat (AMMR), held in Phnom Penh on February 16 - 17.
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First meeting of the APEC Business Advisory Council in 2022 (Photo: thainews.prd.go.th) 
