Asia-Pacific business leaders are rallying for robust global trade amidst the growing protectionism in many parts of the world.

The APEC Business Advisory Council (ABAC), in a gathering in Hong Kong, voiced serious concerns regarding the global shift towards protectionism and regional fragmentation, noting that this risks decades of economic progress.

Julia Torreblanca of Peru, chair of ABAC for 2024, emphasized that the region's continued commitment to collaboration, open markets and non-discrimination is crucial to its prosperity.

"These policies have driven the success of our economies. APEC must stay the course on deeper economic integration to avoid undermining inclusive and sustainable growth," she said, noting that the association has developed a "set of recommendations" to address these urgent issues.

"These recommendations cover the strengthening the WTO, revitalizing the strategy for the Free Trade Area of the Asia Pacific (FTAAP), advancing digital trade, bolstering the resilience of the global supply chain, establishing a greener trade policy framework to tackle the climate crisis, and empowering women in trade," Torreblanca said.

"We will present these recommendations to Ministers Responsible for Trade when they meet next month in Arequipa, Peru," she added.

The ABAC Chair noted that a delegation met WTO's Director General in a recent ABAC visit to Geneva to convey its support for the WTO and ambitious reforms. 

"We are particularly worried at the prospect of WTO Members agreeing to end the E-Commerce Moratorium and tariffs on digital trade. This will hugely increase uncertainty and costs, which will hit small businesses the hardest," the ABAC chair added.

On women's economic empowerment, the Council said it has developed recommendations that include promoting women's transition to the formal economy, unlocking women's access to venture capital and promoting STEM careers and digital skills, including boosting women's participation in green trade.

ABAC applauded the first meeting between APEC Ministers Responsible for Trade and for Women that will take place in May.

It will convene its next meeting in early August in Tokyo, Japan, as it works to finalize its recommendations for presentation to APEC Leaders during the APEC summit in November.