Economic growth and opportunity for the future Deloitte at APEC

This week, some of my Deloitte Global and LATCO colleagues will travel to Lima, Peru to join the annual Asia-Pacific Economic Cooperation (APEC) CEO Summit, as part of APEC Leaders’ Week. The Summit offers an important opportunity for the private and public sectors to engage on key policy and business issues related to economic opportunity and growth.

APEC was established in 1989 as the premier Asia-Pacific forum for economic cooperation and growth across the region. It is now comprised of 21 Asia-Pacific economies, which account for almost 60% of world GDP and just under half of the world’s population.

During these events, businesses active in the region – including Deloitte – are invited to meet with private sector individuals, government officials, and NGOs. We contribute to discussions on topics such as inclusive growth and innovation, developing a trusted financial system, and the future of the workforce.

This year’s CEO Summit will be an important step to further foster major economic and societal ideas. For example, APEC’s work on good regulatory practices (GRPs) includes discussions around greater transparency in the rulemaking process, cost-benefit analysis, impact assessment, international regulatory coordination and promotion of equivalence, mutual recognition and harmonization. With new opportunities and challenges emerging in our changing world, smart regulation that is adaptable and flexible is essential to inclusive growth while assuring high levels of health, safety and protection.

Hand-in-hand with these conversations on regulation is the dialogue on trade. APEC has long been a forum for developing greater openness between member economies. During the CEO Summit, stakeholders will debate how best to promote an inclusive trade agenda to help equip the global economy to respond tangibly to contemporary concerns facing commerce and society. Services and regulation should inform a big part of this agenda.

Services are the “sleeping giant” of the global economy – and are the greatest contributor to economic activity in almost all APEC economies. Last year, APEC committed to a new services agenda, the APEC Services Cooperation Framework. It now falls to a strategic and long-term APEC Services Competitiveness Roadmap to pave the way to realizing a new services agenda.

This year’s Summit should build on APEC success to date. Dialogue is at the heart of all this. And this is where APEC shines. As an incubator for ideas and common understanding, APEC creates a forum for stakeholders to share insights and work cooperatively.

I know that my colleagues will engage on these issues and contribute to the conversations in Lima. Be sure to follow them on the Deloitte and LifeatDeloitte Twitter handles, as they offer insight into the Summit as it happens.