Collaboration to address inequalities

Businesses and governments have been urged to work together to address inequality among APEC economies.

APEC Business Advisory Council (ABAC) Chairman, David Toua, said this is one of the agendas to come out of the recent ABAC Meeting in Auckland, New Zealand.

Toua spoke at the Port Moresby Chamber of Commerce Breakfast.

Toua said discussions in New Zealand were committed to addressing globalisation and ways to maintain government and business and community support for regional integration.

He said this collaboration will address economic inequalities, which is a result of globalisation.

“We have seen rising inequality as globalisation has occurred, and this and job dislocation has caused the backlash to open trade and investment flows. 

“Even though as I have just noted, those flows have led to the largest eradication in global poverty ever seen.”

He said this was evident to ABAC that business as well as governments have to work together to address issues of rising income inequality, job losses and the need to upgrade human skills and training.

“ABAC will continue to push for ways to promote deeper regional economic integration, including ways to free up service and investment, to reduce and eliminate non-tariff barriers and define ways for MSME’s to access domestic and global value chains.”

Toua sad PNG had the chance to promote and advance understandings g of particular relevance to PNG but at the same time, resonate with other members of the ABAC grouping.

“There’s a need to ensure that the legacy of APEC 2018 is lasting and durable and will positively impact on the lives of the people of PNG.

“Certainly that is the aim of the PNG ABAC members.”

Cedric Patjole