APEC Growth Requires Better Connectivity, Official Says
Freer access to global markets and investment is helping to ensure growth in the Asia-Pacific region and buoying global trade, Asia-Pacific Economic Cooperation (APEC) Secretariat Executive Director Alan Bollard said April 3. But he cautioned that inadequate connectivity could hamper the area's growth prospects as demand outstrips existing infrastructure, leading APEC countries to make connectivity a priority, he said at a symposium at the Institute for Southeast Asian Studies in Singapore.
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APEC members are addressing the problems of growing demands on physical and social infrastructure by boosting efforts to reduce behind-the-border barriers to trade and investment and improving the region's business environment, Bollard said. Dealing with such issues as regulatory impediments, customs ineffectiveness and inadequate transportation networks will make a difference for companies that ship products and consumers who want better prices and more variety, he said. APEC is working toward a 2015 target of a 10 percent improvement in its supply chain performance in terms of time, cost and uncertainty, it said.