APEC Business Advisory Council Meets with Leaders From 21 APEC Economies & Prepares for Coming APEC Year.

Business Editors

SEATTLE--(BUSINESS WIRE)--Nov. 10, 2003

Joint Statement by the

U.S. Members of the APEC Business Advisory Council (ABAC)

The members of the US APEC Business Advisory Council returned from APEC meetings in Bangkok, Thailand, where they met with 21 Leaders of APEC, including President Bush, to discuss key economic issues facing the region. ABAC's dialogue with Leaders was a dynamic format which resulted in a freer and open discussion on issues including: efforts to re-energize the WTO, trade facilitation and security, and transparency and corruption.

During the dialogue with Leaders, ABAC Members discussed issues addressed in their annual report which was presented to Leaders earlier this month. "President Bush underscored the importance of facilitating trade while ensuring borders are secure," said US ABAC Member, Mike Ducker. "This will be a priority area for ABAC in the coming year."

ABAC members also took the opportunity to discuss with Leaders their newly released paper, The First Decade Since Bogor: A Business Assessment on APEC's Progress." The paper concludes that APEC's Bogor Goals - free trade and investment in the industrialized economies by 2010 and in developing economies by 2020 - remain relevant and achievable. "This study recognizes the connection between trade liberalization and capacity building, a key part of ABAC's work plan this year," said Robert Prieto, US ABAC Member who serves on ABAC's Capacity Building working group.

The US ABAC members were pleased with the APEC Leaders' declaration which encompassed a number of issues at the center of ABAC's work plan this year. "Never before have the initiatives and priorities of the ABAC been so effectively integrated into the APEC results and statements from the Leaders and Ministers," said US ABAC member, Gary Benanav.

The US ABAC members will be turning their attention to the coming APEC year under Chile's chairmanship of APEC in 2004 by soliciting U.S. Business input at the National Center for APEC's annual Executive Roundtable, bringing together government and private sector representatives to strategize for the coming APEC year. The Roundtable will take place in Miami, Florida, December 2-3, 2003. The U.S. ABAC members will also host the first ABAC meeting of 2004 this February in Miami, Florida.

The Asia-Pacific Business Advisory Council comprises up to three senior business representatives from each of APEC's 21 member economies appointed by their respective heads of economy to advise APEC Economic Leaders and Ministers on issues affecting business. The three US ABAC Members are Gary Benanav, Chairman and CEO, New York Life International; Michael Ducker, Executive Vice President, International, FedEx; and Robert Prieto, Chairman Emeritus, Parsons Brinckerhoff.