MANILA, Philippines – To keep up with "disruptive" changes in the world economy, Philippine President Benigno Aquino III highlighted the need for cooperation and innovation to help countries remain resilient.
"When there are significant movements in the global economy, we need to revisit our policies to make sure our economies and our companies not only act swiftly to adjust, but remain competitive in a new environment," Aquino said at the opening of the Asia-Pacific Economic Cooperation (APEC) leaders' dialogue with the APEC Business Advisory Council (ABAC) on Wednesday, November 18.
Aquino called the dialogue an "exercise in positive innovation," allowing leaders of APEC economies to come together with the region's business leaders to discuss new ways of identifying and solving age-old problems.
Taking off from issues raised by the ABAC, Aquino highlighted two points: the importance of correctly identifying problems, and working together to solve them.
"The work of innovation begins with the correct appreciation of the problem, which leads to the correct crafting of the solution," Aquino said.
But the Philippine leader added that cooperation is also as important in order to craft solutions that would benefit everyone.
"Working hand-in-hand enables us to better understand the context that we operate in, formulate the right approaches based on the correct understanding of the problems, and thus lay the groundwork for a more resilient future, one that is sustainable, inclusive, and truly fair," Aquino said.
He also said that cooperation on these fronts would enable leaders to more efficiently face new challenges.
"The closer we work together, the more intelligently, efficiently, and swiftly we can evolve to meet the challenges of our increasingly globalized milieu," he said.
Innovation behind economic growth
In her message to economic leaders, 2015 ABAC chair Doris Magsaysay-Ho echoed Aquino's message, pointing out that innovation is the "greatest driver of economic growth" that can help ensure sustainability of programs and policies.
"Sustainability is no longer a choice but an imperative," Magsaysay-Ho said.
She added, "Economies must commit to developing their respective innovation plans."
While calling for collective action for greater regional economic integration, this year's ABAC chair also listed ABAC's recommendations to APEC leaders.
These recommendations include continued support of the policies of the World Trade Organization, investments in food and agricuture, eliminating tariff barriers to environmental services, promoting inclusive business models, and developing green and livable cities, among others.
Before the start of the breakout sessions at the dialogue, which was not open for media coverage, Aquino enumerated the topics for discussions :
- The next steps towards a Free Trade Area of the Asia Pacific (FTAAP)
- The pursuit of region-wide growth through services
- The expansion of infrastructure finance
- The advancement of MSME growth
- The promotion of sustainable development, as well as that of the rule of law.
Aquino also had a reminder for all the participants: "In all our discussions, may we invite our leaders and ABAC representatives to share your thoughts and insights in an open and friendly manner, which has become the hallmark of this gathering."
Twenty-one heads of state were supposed to attend the event, but US President Barack Obama was absent at the dialogue, held at the Philippine International Convention Center where the APEC Leaders' Meeting will be held. –Rappler.com