Upskill and change regulatory mindset for the digital economy
7 November 2017 (Da Nang, Viet Nam) – APEC members need to focus on building trust among our policymakers and regulators, understanding the unique circumstances in each of our respective economies to arrive at standards and norms that facilitate growth, innovation and job creation. This process needs to put front and center the impact that such rules have on micro and small and medium enterprises. New technologies are revolutionizing business models and the way in which businesses and consumers interact – from ride sharing services to mobile banking. This offers the opportunity to shape a new phase of growth – one that enables even micro and small and medium size enterprises to engage in global trade. More...
Rising protectionism, the top risk to growth: PECC survey
7 November 2017 (Da Nang, Viet Nam) – Increasing protectionism was seen as the top risk to growth of the Asia-Pacific region according to the PECC annual survey of opinion leaders released today as 21 economies gather in Da Nang this week for the APEC summit. Lack of political leadership and slowdown in the Chinese economy were second and third risks to growth. “Against the backdrop of concerns over rising protectionism, arguments for regional economic integration efforts and emphasis on pathways to achieving the Free Trade Area of the Asia-Pacific (FTAAP) and support for the multilateral trading system become even more pertinent. They provide stability, certainty, and a sense of forward momentum,” said PECC Co-chair Don Campbell. More...
Open trade can work if supported by the public with social inclusion
16 May 2017 (Hanoi) – What are the key challenges and opportunities for the future of the Asia-Pacific partnership? Are current processes sufficient for dealing with the reality of deeper trade and integration in the region? What role should the region be playing in global leadership now and beyond 2020? How can the next phase of growth be made more inclusive, sustainable and innovative, taking into consideration digital revolution? These were some of the issues deliberated at the 24th PECC General Meeting held here yesterday. More...
Protectionism is not the answer, make globalization work
13 February 2017 (Singapore) – Globalization has enabled hundreds of millions of people in the Asia-Pacific region to be lifted out of poverty. While the benefits of globalization may not have been distributed evenly, “we should not make globalization the scapegoat for slowing growth and unemployment,” said Minister for Trade of Singapore, Lim Hng Kiang. Instead of turning inward and closing borders, it is imperative that the region’s economies focus on ensuring that the growth we achieve is inclusive through “domestic policies that will enable benefits and growth to trickle down to all levels, including through equipping our workers with the skills required to adapt to new challenges,” he added. Minister Lim was speaking as keynote at the annual PECC Singapore conference co-organized this year by the Singaporean and Vietnamese committees of PECC (SINCPEC and VNCPEC). More...