• The Business Group recommended to respond to the global crisis with new policies to rebuild confidence in the region
• Meanwhile, at a press conference, the Minister of Economic Affairs from Chinese Taipei, Mr. Yiin Shiite-Ming, recognized the potential of Peru as a regional hub.

At the end of its fourth and final meeting, the Business Advisory Council, APEC ABAC called on the leaders of the 21 Economies of the Asia-Pacific region to support the proposals of the recent statement of the G-20 Declaration, which is recommended in order to implement reforms in financial systems that would help defeat the global crisis.

The Chairman of ABAC, Juan Francisco Raffo, highlighted that the strong commitment of the leaders of the G-20, toward an open global economy is completely consistent with the vision of APEC, since they are not seeking to put more barriers for investment or trade in goods and services, neither to implement inconsistent measures with World Trade Organization (WTO).

It also recommended that APEC leaders seize the opportunity to respond to the global economic crisis, implementing new policies and programs to rebuild confidence in the region. Such Council indicated that these policies will enable potential protectionist measures and draconian regulations.

In addition, the Advisory Council urged the leaders to confront the financial crisis with fiscal responses to strengthen the demand through an appropriate spending on public works; take sustained measures in the financial markets to ensure an orderly adjustment process, and liberalize trade in the global and regional market. It also recommended measures that would alleviate the difficulties faced by SMEs.

Peru as a Latin American Hub
On the other hand, at the press conference, the Minister of Economic Affairs from Chinese Taipei, Mr. Yiin Shiite-Ming, reported that this economy finds Peru as a hub in Latin America, because it possesses vast natural resources that make it attractive for investment.

Moreover, he expressed his desire to increase the trade relationship with Peru in the coming years, given that Chinese Taipei has signed five free trade Agreements with other economies so far.

It should be noted that our country exports, mainly, to the Asian region: flour and fish pellets, copper, among others.