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- State Minister Nagasaka Attends an APEC Trade Ministers and ABAC Dialogue
State Minister Nagasaka Attends an APEC Trade Ministers and ABAC Dialogue
June 4, 2021
On June 4 (Fri.), a dialogue between APEC Ministers Responsible for Trade and the APEC Business Advisory Council (ABAC) was held via video conference, and Mr. Nagasaka Yasumasa, State Minister of Economy, Trade and Industry, attended it. At the dialogue, trade ministers from APEC economies and ABAC members who represent the business community discussed issues that APEC should tackle toward economic recovery. This was the first time this dialogue has been held.
A dialogue between trade ministers from APEC economies and ABAC members who represent the business community was held for the first time via video conference in response to a call by New Zealand (the 2021 APEC chair). State Minister Nagasaka attended it. (Mr. Washio Eiichiro, State Minister for Foreign Affairs, attended as a representative of the Ministry of Foreign Affairs.) This was the first time this dialogue has been held, and the participants discussed issues that APEC should tackle toward economic recovery.
State Minister Nagasaka attended the session "Economic Response to the COVID-19 Pandemic," and spoke about the importance of an open supply chain, the free distribution of essential goods and vaccines, and the importance of facilitating digital trade, among other topics.
In the meeting, the participants discussed how the challenges of the COVID-19 pandemic need to be addressed not just by one economy, but by APEC as a whole, and how the business world can contribute to the recovery from the pandemic. They also discussed the uncertainty surrounding vaccination, the rise of protectionism, and the magnitude of the impact on small and medium-sized businesses, indigenous people, and women. In response, ABAC indicated the importance of opening borders by the early establishment of a travel corridor through the creation of a common/standard vaccine passport in the region, and the need to use digital systems effectively (paperless trade and developing a digital environment) and provide essential goods and vaccines to vulnerable people.
Reference: APEC Business Advisory Council (ABAC)
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APEC's sole official private-sector advisory body, established in 1995. Representatives of the business sector appointed by APEC Leaders (up to three people from each country and region) serve as its members.
- The council is tasked with advising APEC on issues that the business world places importance on. In addition to submitting proposals for the annual APEC summit, it also holds direct dialogues with APEC leaders and ministers.
Division in Charge
APEC Office, Trade Policy Bureau