What does ABAC mean in BUSINESS

The APEC Business Advisory Council (ABAC) is an organization that works to facilitate economic growth in the Asia-Pacific region through trade liberalization and open markets. It consists of private sector representatives from the 21 countries that are part of the APEC.

ABAC's main objective is to advise policy makers on how best to promote economic development in the Asia-Pacific area. This includes providing consultation and guidance on measures for trade liberalization, as well as fostering positive relationships between different countries' businesses and entrepreneurs.

Through its programs, ABAC provides a variety of services to its members such as research & analysis on regional trends, information sharing & exchange of best practices, capacity building & training across different countries' industries and access to innovative technologies. In addition, it also actively lobbies regional governments on behalf of participants' interests in order to secure regional free trade agreements.

ABAC meets three times a year — during the first week of March/April, June/July and November/December each year - in one of the 21 APEC member economies that holds its annual Ministerial Meeting during that period. It also holds special dialogues with ministerial officials when required or necessary.

Participants in ABAC meetings come from diverse backgrounds such as industry leaders from corporate companies, Chamber of Commerce representatives, business associations and academics amongst other sectors related with international commerce activities within the region. All these stakeholders play a vital role in shaping policy recommendations which will be later discussed by ministers atthe yearly Summit Meetings held by APEC member economies throughout the region.