What does APEC mean for the growth of New Zealand businesses?
What is APEC?
APEC (Asia Pacific Economic Cooperation) brings member economies together once per year to tackle challenges, and help each other prosper. Hosting is a once-in-20-year opportunity for New Zealand and there is no other event on the calendar with such potential to shape our region’s future. In New Zealand, MFAT is the lead Government agency, find out more about their plans here.
APEC describes itself as a space to connect and strengthen relationships and it has grown to become a dynamic engine of economic growth and one of the most important regional forums in the Asia-Pacific. Its 21 member economies are home to about 2.9 billion people and represent approximately 60% of world GDP and 48% of world trade in 2018.
As a result of APEC’s work, growth has soared throughout the region, with real GDP increasing from US$19 trillion in 1989 to US$46.9 trillion in 2018. Meanwhile, residents of the Asia-Pacific saw their per capita income rise by 74 percent.
APEC ensures that goods, services, investment and people move easily across borders. APEC’s 21 members facilitate this trade through faster customs procedures at borders; more favourable business climates behind the border; and aligning regulations and standards across the region. APEC implements a wide variety of initiatives to help integrate the region’s economies and promote trade while addressing sustainability and social equity.
APEC 2021 will be one of the largest ongoing events held internationally of 2021 and is the first ever virtual APEC. It will involve hundreds of meetings over multiple time zones from December 2020 to November 2021, organised around three themes:
- Economic and trade policies that strengthen recovery, with a focus on the right macroeconomic, microeconomic and trade policy choices;
- Increasing inclusion and sustainability for recovery by building a better society for all people and generating a green recovery; and
- Pursuing innovation and a digitally enabled recovery by accelerating the APEC region’s work in these areas.
Topics include food security, women and the economy, small/medium business growth, market access, consumer protection, sustainable development and innovation.
There are other moving parts to APEC: The ABAC
The APEC Business Advisory Council (ABAC) is an independent group of business leaders that advises APEC leaders on priority issues for business in the region.
ABAC’s primary function is to provide advice to APEC leaders each year on the implementation of APEC’s work programme from a business perspective. It is made up of three private sector representatives from each APEC member economy. Kea is proud to share that two of New Zealand’s representatives are Kea Board member Anna Curzon, and previous Kea World Class Award Winner Rachel Taulelei.
Advice is given through a range of avenues including to APEC Senior Officials and directly to APEC Economy Leaders at the annual Dialogue with APEC Leaders.
There are other moving parts to APEC: CEO Summit
The APEC CEO Summit is one of the Asia Pacific’s premier business forums, attracting influential CEOs from some of the largest companies in the region
The summit will address the biggest challenges and opportunities of our time, providing a forum to develop solutions for the region’s future.
The virtual APEC CEO Summit will showcase New Zealand as a place of business inclusion, digital creativity and sophistication.
Chair of CEO Summit 2021 is Kea community member Barbara Chapman CNZM.
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