Trade talks

from the 21 APEC member economies, it is a fascinating rōpū. I gave three presentations: on the World Trade Organisation (WTO) and our multilateral trading system, the role of indigenous business in our economies, and mega-trend effects on food and agribusiness. I was proud to include Kono in my presentations and to be able to talk about what makes us special.

So what did I get out of the meeting?

1. The Asia-Pacific business community is worried about the stability of the trading system: that we are focused on strengthening the WTO and pressing on with regional economic integration. Business and communities do best with open, predictable, dynamic markets, not protectionism and volatility.

Craig Heraghty and Rachel Taulelei at ABAC 2020, Sydney, Australia.

At the end of 2019, Prime Minister Jacinda Arden announced the appointment of Kono CEO Rachel Taulelei to the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC). The main mandate of this council is to advise leaders and other APEC officials on issues of interest to business.

Exporting and trade are a big focus for Kono, as well as for the New Zealand economy as a whole. APEC is a significant trade and economic forum. It represents 21 economies around the Asia-Pacific region, including Chile, China, Papua New Guinea and Philippines; it represents 71 per cent of New Zealand’s two-way trade, 80 per cent of our direct investment, and 8 of our top 10 markets. New Zealand has free-trade agreements with 18 out of 20 of the APEC economies.

Rachel Taulelei reflects on the insights she has gained from her first ABAC meeting.

As appointees on ABAC, we represent the interests of the New Zealand business community. The aim is to raise the profile of issues important to the Asia-Pacific region, but specifically to Aotearoa. In early February, I co-chaired the first ABAC meeting of the year in Sydney. With representatives 2. Sustainability and especially climate change is a huge focus and there were challenging discussions on energy, food, and environmental, social, and governance business practices. Business wants to be part of the solution, not seen as the problem. Businesspeople have a real role to play here. I also asked the necessary question, are we being good ancestors?

3. Shared prosperity and inclusion are more

than just abstract concepts – there was a lot of discussion about how to empower women and encourage small and medium-sized enterprises. It will still be a journey to get indigenous issues where they belong, front and centre, but the week was a positive start. Reducing barriers, building capacity, unlocking digital potential and changing mindsets will all make a difference.

4. There is a strong sense of purpose from around the region on the key role that the business community can play in helping shape a prosperous, inclusive and sustainable AsiaPacific over the coming decade. We are committed to improving equity and inclusion for the wellbeing of all. World events such as the coronavirus epidemic show us how quickly international trade can be disrupted, and how reliant we are on the flow of goods, both into and out of the country.