APEC setting best-practice standards and regulations
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum that aims to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
Australia is actively engaged in APEC. We lead and support initiatives that improve data and transparency, promote best-practice standards and regulation, and build capacity in the region.
Key initiatives that can benefit Australian services exporters include:
- A contribution of A$2 million to promote services competitiveness among APEC economies
- Championing of a APEC Digital Economy Steering Group to support digital governance among APEC economies
- Establishment of an APEC Digital Innovation Sub-fund – with a co-contribution of $550,000; and
- Chairing the services working group of APEC, including supporting APEC’s services liberalisation agenda and APEC work on services trade restrictiveness.
During COVID-19, Australia is taking forward seven COVID-19 focused capacity building projects in APEC. These projects will strengthen supply chain resilience, cross-border trade in services, support for women entrepreneurs and women-led businesses, and transparency through WTO notification of emergency measures.