The third APEC Business Advisory Council (ABAC) meeting wrapped up in Da Nang Thursday, calling on APEC members to take effective measures to accelerate economic reform and realize the regional free trade area.

According to Teng, the participants said it’s time APEC established a free trade area (FTA) in the region not only to facilitate free trade but also to ensure that none of the economies lag behind.

Teng said the APEC economies should take this opportunity to boost economic reform and should have a definite itinerary to turn the establishment of a free trade area in the Asia Pacific region into reality.

He said APEC leaders will begin next year to map the model of the Free Trade Area of the Asia Pacific (FTAAP) to set up in 2011.

The participants also agreed to speed up the Doha round of talks with the aim of reaching a final agreement in 2010. The early completion of negotiations will help boost global economic development, investment and the fight against protectionism.

They also made recommendations concerning cooking security, sustainable development, climate change and effects of population growth on the development of small- and medium-sized enterprises.

Hoang Van Dung, chairman of ABAC Vietnam, said APEC (Asia Pacific Economic Forum) plays an important role in Vietnam’s economy as the regional organization accounts for 60 percent of the country’s trade and 80 percent of its foreign investment capital.

Dung suggested that APEC should provide stronger and more practical assistance to Vietnamese small and medium enterprises, which now account for 96 percent of the country’s businesses.

ABAC was founded in November 1995 to provide consultancy for APEC leaders on issues of primary importance related to business and investment in the region.

Reported by Dieu Hien