ABAC Meeting Opens in Shanghai

ABAC Meeting Opens in Shanghai

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The 4th Meeting of 2001 APEC Business Advisory Council (ABAC) opens in the morning of 19 October in Regal International East Asia Hotel, Shanghai. 179 ABAC delegates attended the meeting which attracted the largest number of participants in recent years. Mr. Qin Xiao, ABAC Chair and Vice President of China International Trust and Investment Corporation (CITIC), presided over the meeting.

The 2001 ABAC Shanghai Meeting will focus on the following issues:

First, the dialogue between ABAC members and APEC Economic Leaders. The dialogue will be the highlight of the session and be chaired by Chinese President Jiang Zemin. During the dialogue. APEC Economic Leaders and ABAC members will be free to field questions on either the ABAC Report or other interested topics.

ABAC Chair will brief the Leaders on the 2001 ABAC Report to APEC Economic Leaders. The report, titled "Common Development through Market Opening, Capacity Building and full Participation", gives priority to the slow-down of world economy, the realization of Bogor goals and globalization.

ABAC acknowledged that APEC economies should strengthen their capacity building and encourage extensive participation from the business community to achieve the target of market opening, and only in this way could APEC economies share the fruits of economic boom arising from globalization and achieve common development.

Secondly, the participation of ABAC members in the APEC CEO Summit activities that will be addressed by some APEC Leaders. Among the speakers are Russian President Vladimir Putin, Mexican President Vicente Fox, U.S President George W. Bush and Malaysian Prime Minister Mahathir Mohamad.

Thirdly, the routine meetings of ABAC which will review and summarize the work of the passing year and arrange the transfer issues with next year's ABAC Chair of Mexico.

In the year 2001, on the basis of full participation and cooperation from ABAC members, outstanding results have been scored through the past three meetings held in the United States, Russia and Singapore respectively.

The theme of 2001 ABAC Report is "Common Development through Market Opening, Capacity Building and Full Participation". Special focus has been given to the slow-down of world economy, the growing financial fluctuation, a new round of WTO negotiation, the realization of Bogor Goals and globalization, etc. ABAC acknowledged that APEC Economies should strengthen their capacity building and encourage extensive participation from the business community to achieve the target of Market Opening, and only in this way could APEC Economies share the fruits of economic boom arising from globalization and achieve common development.

This ABAC meeting is of great significance to the facilitation of APEC development and cooperation in the new century. ABAC will actively respond to the initiatives reached in the 9th APEC Economic Leaders' Meeting, thus paving a solid groundwork for the success of next year's ABAC meetings.