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Backgrounder: APEC Business Advisory Council
The Business Advisory Council (ABAC) of the Asia-Pacific Economic Cooperation (APEC) forum is scheduled to meet here on October 18-21.
Established by APEC economic leaders in November 1995 as a vehicle for formalizing private sector participation in APEC, the ABAC is mandated to provide advice on the implementation of APEC agenda and other specific business sector priorities, and respond to business-related issues or the business perspective of specific areas of cooperation.
The council comprises of three senior business representatives from each APEC economy, with one member representing small- and medium-sized enterprises. The ABAC chair is appointed by the APEC chair to a term that runs parallel with that of the APEC chair on a yearly rotating basis. The ABAC chair is supported by two co- chairs, namely the immediate past chair and the incoming chair, and by APEC committee and task force chairs and co-chairs.
The ABAC meets regularly three to four times a year and conducts dialogues with APEC leaders during their informal gathering. In 2001, the ABAC met in the United States in February, in Russia in May and in Singapore in August respectively.
Each year, the ABAC presents an annual report to APEC leaders, providing advice and feedback on the APEC agenda. It has presented five reports to APEC leaders under the theme of "APEC Means Business," which contain specific recommendations for improving regional business conditions and expanding trade and investment.
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