ABAC III: APEC needs to be open, innovative and inclusive region
APEC needs to become an open, innovative and inclusive region with a long-term vision to create sustainable and inclusive growth, heard the third APEC Business Advisory Council meeting in Toronto, Canada.
Hoang Van Dung, Chairman of ABAC Vietnam. (Source: VNA)
Ottawa (VNA) – The Asia-Pacific Economic Cooperation(APEC) needs to become an open, innovative and inclusive region with along-term vision to create sustainable and inclusive growth, heard the third APECBusiness Advisory Council meeting (ABAC III) in Toronto, Canada.
In a press release issued after the conference, which washeld from July 24-28, ABAC members highlighted four priority fields ofintensifying integration and trade liberalisation, speeding up the developmentof small- and medium-sized enterprises, developing science and technology, andbettering human resources training.
They also stressed the need for APEC economies to take actiontoward the establishment of the Asia-Pacific Free Trade Area based on theresults of ambitious regional agreements such as the Trans-Pacific Partnership,the Regional Comprehensive Economic Partnership, and the Pacific Alliance.
Talking to Vietnam News Agency correspondents, APEC ExecutiveDirector Alan Bollard said that as ABAC III was a meeting of enterprises,delegates discussed a series of issues related to trade and investment and onhow to maintain dynamic growth in the Asia-Pacific region.
New issues, including e-commerce, development of smallenterprises and the role of women in the economy, were also put on table, headded.
Chairman of the ABAC Vietnam Hoang Van Dung emphasised the importanceof science and technology in the digital era, especially for such developingcountries as Vietnam.
Within the framework of the conference, a representative fromthe Vietnamese delegation informed the participants of Vietnam’s preparationworks for the APEC Economic Leaders’ Week as well as a dialogue betweenABAC and APEC leaders later this year.
Established in 1995, the ABAC is the private sector arm ofthe APEC to advise APEC economic leaders and officials on issues of interest tobusiness. -VNA
Business leaders from APEC member economies visited technology hubs in Canada on July 24, as part of activities to kick-start the third meeting of the ABAC to take place in Canada from July 24-28.
The second working day of the third meeting of the APEC Business Advisory Council (ABAC III) on July 25 focused on finance and business development in the era of innovation and digitalisation.
Vietnam’s Deputy Foreign Minister Bui Thanh Son, at the plenary session of ABAC’s third meeting in 2017 in Toronto on July 26, urged the business community in APEC economies to actively join the forum’s activities this year.
Policies that facilitate SMEs development are the most important topic of discussion at the third meeting of the APEC Business Advisory Council (ABAC).
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
The Thai cabinet has approved a seven-year EV bus leasing scheme proposed by the Bangkok Mass Transit Authority (BMTA) for the capital, with an estimated cost of 15.35 billion THB (over 470 million USD).
Aircraft are prohibited from flying below 6,000 metres in the vicinity of the volcano, and should also remain alert to the presence of volcanic ash, which can disrupt flights.
Laos declared the transfer of the press management functions of five key media agencies and associated personnel to the Propaganda and Training Board of the Lao People's Revolutionary Party Central Committee.
Univers said in a statement that the new centre will serve as a hub for innovation, bringing together digital intelligence and climate ambition to accelerate Sarawak's transition toward a low-carbon, tech-enabled economy.
The target is to be completely free from plastic waste within two years. This can only be achieved if all parties implement the initiative with strong discipline.
Indonesia is taking new steps to improve protections for fishery workers, amid concerns over low wages, harsh working conditions, and limited access to social welfare.
The 2025 ASEAN- the Republic of Korea (RoK) Connectivity Forum that opened in Jakarta on June 17 reaffirmed a shared commitment to shaping a connected, resilient future by advancing the ASEAN Connectivity Strategic Plan.
The desk will serve as a service centre providing market intelligence, business licensing guidance, facilitating business cooperation, identifying potential investment projects, and harmonising regulatory policies between the two parties.
Malaysian Prime Minister Anwar Ibrahim noted that the Asia-Pacific region accounted for half of global energy consumption and 60% of greenhouse gas emissions in 2024. Despite this, regional countries, including eight of ten ASEAN member states, remain committed to climate goals, including net-zero emissions and tripling global renewable capacity by 2030.
The new halal cooperation arrangement will streamline halal certification and product assurance processes, making it easier for New Zealand exporters to access the Indonesian market.
Hoang Van Dung, Chairman of ABAC Vietnam. (Source: VNA) 
