Earlier in the day, ABAC finished its closed plenary session within the framework of the APEC Economic Leaders' Week in Manila.
"During this session ABAC discussed its priorities for the next year — it will be 'Quality growth and human development,'" Basilio said.
Another topic on the session's agenda has been the all-inclusive Free Trade Area of the Asia-Pacific (FTAAP).
"ABAC has presented its report on the FTAAP. It's the private sectors' perspective on what the FTAAP should be like. In one of the findings, most small businesses criticize preferential access [to markets] provided by FTAs, because the requirements [for enterprises to get it] are too complicated," Basilio said.
He added that the design of the FTAAP could allow small and medium enterprises to use preferences of the free trade area better.
FTAAP is an area that is expected to include all APEC members, unlike the US-led Trans-Pacific Partnership (TPP) which would comprise only 12 Pacific Rim nations.
Manila currently hosts the APEC Economic Leaders’ Week, bringing together senior officials and businessmen from 21 Asia-Pacific economies.
