April 2025 Introduction This submission is being made on behalf of the New Zealand International Business Forum (NZIBF), whose members are listed at...
APEC Looks to Partnerships to Support Business Recovery

Issued by the APEC Finance Ministers’ Process
Wellington, New Zealand, 25 June 2021
Finance ministers and business leaders from the 21 APEC member economies convened virtually on Friday to discuss the ongoing responses for businesses, especially micro, small and medium enterprises, during the pandemic, as well as the policies economies can focus on to help businesses recover.
New Zealand Minister of Finance and Deputy Prime Minister Grant Robertson hosted the Informal Finance Ministerial Meeting with the APEC Business Advisory Council (ABAC) in a bid to intensify exchanges of views and experiences on best practices for helping businesses survive the health and economic crisis.
In his opening remarks, Minister Robertson, who is also the 2021 Chair of the APEC Finance Ministers’ Process, said that the informal dialogue enabled a deeper understanding of the concerns the private sector has within the APEC region. These engagements inform the policy discussions APEC Finance Ministers will have at their meeting later in October.
“The Finance Ministers’ Process this year is focusing on the macroeconomic responses to COVID and a longer-term look at how fiscal policy and budget frameworks may evolve as a result of the pandemic,” said Minister Robertson.
“Partnerships between governments, businesses and civil societies are critical to the region’s response to COVID-19 and will continue to play an important role in the longer-term recovery,” he added.
Ongoing challenges such as social inequality arising from rapid evolution of technology, accelerating climate change and growing inequality in income and wealth distribution remain a focus for APEC economies, especially given the uneven impact of COVID-19.
Discussions have covered the importance of addressing these issues and the range of policy tools being used to support communities.
These measures include assistance to preserve jobs and livelihoods, fiscal and monetary stimulus to support businesses, open borders for trade, especially for essential medicines, equipment and services and resistance to protectionist restrictions.
At the dialogue, ministers and business leaders shared their views on the most important and impactful policies that economies should focus on to aid businesses in the recovery.
Minister Robertson reiterated that fiscal and monetary policy must continue to play a role in combatting the impacts of the pandemic, but it is also clear that stimulus alone is not sufficient.
“The pandemic has enforced a need for complementary macroeconomic and structural policy,” he said.
Business leaders emphasized the importance of trade and open markets in spreading the availability of vaccines, essential health supplies and associated goods and services and keeping global supply chains moving.
“It is clear for us that addressing the continuing pandemic must be the top priority for APEC economies—overcoming the health crisis and using widespread vaccination and testing for safe and seamless reopening of borders as a pre-requisite for economic recovery,” explained Rachel Taulelei, 2021 Chair of the APEC Business Advisory Council.
“Trade is an enabler of a return to sustainable economic growth in the region,” Taulelei added.
Ministers and business leaders also discussed the importance of the region’s recovery being sustainable and inclusive, and how economies and businesses can work together to achieve this goal.
“Sustainability and inclusion are ongoing challenges, which need a stepped-up response in a region that needs to learn to live with COVID,” Taulelei highlighted. She emphasized that actions to address climate change and other environmental risks are necessary for a healthy planet, and eventually healthy economies and societies.
“Some people have already paid too high a price during the pandemic, including women, youth, Indigenous people, those living in rural areas and those without the skills required for an increasingly digital economy,” she added. “Their well-being needs to be a priority as we move forward.”
APEC Secretariat Executive Director, Dr Rebecca Sta Maria, acknowledged member economies’ commitment to increase cooperation the past year, and reminded ministers that the unprecedented crisis needs holistic, bold and practical responses.
“In addition to international cooperation and coordination, cross-functional and interagency linkages are as crucial as member economies pursue long-term, sustainable solutions to economic resiliency and recovery,” Dr Sta Maria concluded.
REGISTER WITH TRADE WORKS
Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.
Latest News
SUBMISSION TO THE MINISTRY OF FOREIGN AFFAIRS AND TRADE ON A COMPREHENSIVE FREE TRADE AGREEMENT WITH INDIA
April 2025 Introduction This submission is being made on behalf of the New Zealand International Business Forum (NZIBF), whose members are listed at Annex A[1]. NZIBF is a group of senior business leaders working together to promote New Zealand’s engagement in the...
LAMENTATION DAY
When President Trump spoke in the White House Rose Garden to launch his wrecking-ball “fair and reciprocal tariffs”, there were some in the audience wearing hard hats. While this was doubtless to show support for the move amongst hard-working Americans, maybe...
BUSINESS FORUM DEEPLY DISAPPOINTED WITH UNJUSTIFIED US TARIFFS
Media release, 4 April 2025 The New Zealand International Business Forum (NZIBF) has reacted with deep disappointment to the news that the United States will implement an additional 10 percent ad valorem tariff on New Zealand exports. “The United States is a close and...
Bull in a China Shop: Market Price Support in the Dairy Industry
Market price support policies (aka as “subsidies”) in the agriculture sector are a classic example of what is meant by 'beggar thy neighbour'. One country attempts to improve its own economic situation by intervening in the market on behalf of its producers, at the...
BUSINESS FORUM WELCOMES INDIA FTA NEGOTIATIONS
Media release, 17 March 2025 The NZ International Business Forum (NZIBF) welcomes the launch of free trade negotiations with India, announced in Delhi, and is particularly pleased that these will proceed on a comprehensive basis. “There is enormous value to be gained...
Playing the long trade game with India
Prime Minister Luxon is at last making his visit to India with a large business and community delegation. We wish them well in expanding and deepening the relationship with India. The reasons for doing so we have explained previously. Our Government’s...
SUBMISSION TO THE MINISTRY OF FOREIGN AFFAIRS AND TRADE
PROPOSED GREEN ECONOMY JOINT WORKING GROUP WITH CHILE AND SINGAPORE MARCH 2025 Introduction This submission is made on behalf of the New Zealand International Business Forum (NZIBF), whose members are listed at Annex A[1]. NZIBF is a forum of senior business leaders...
PRESENTATION TO APEC BUSINESS ADVISORY COUNCIL: ADDRESSING PROTECTIONISM AND NON TARIFF BARRIERS
BRISBANE, 24 FEBRUARY 2025 STEPHEN JACOBI, EXECUTIVE DIRECTOR, NZIBF My thanks to Anna Curzon and Stephanie Honey for giving me one last opportunity to speak to ABAC. I want to talk today about rising protectionism and proliferating non tariff barriers. It’s not a new...
Business Leaders Sound Alarm on Global Economic Uncertainty: Call for Unified APEC Action
Brisbane, Australia, 25 February 2025 - Among rising global economic tension, the APEC Business Advisory Council met in Brisbane this week to reaffirm its support for the value of trade and cooperation, and the original APEC commitment to free, fair, open and...
REMARKS TO FOREIGN AFFAIRS, DEFENCE AND TRADE COMMITTEE – 20 FEBRUARY 2025
RATIFICATION OF NEW ZEALAND-UAE COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT (CEPA) STEPHEN JACOBI, EXECUTIVE DIRECTOR, NZIBF Thank you Chair for the opportunity to appear before the Committee today. I do so on behalf of the members of the NZ International Business...
Submission by ExportNZ and TradeWorks to the Health Select Committee on the Gene Technology Bill
17th February 2025 Our Recommendations ExportNZ and the New Zealand International Business Forum (NZIBF) support the Government’s overall intention to modernise New Zealand’s gene technology regulations. We support the establishment of a risk-based regulatory regime...
SUBMISSION TO THE FOREIGN AFFAIRS, DEFENCE AND TRADE SELECT COMMITTEE
RATIFICATION OF NEW ZEALAND-UAE COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT (CEPA) FEBRUARY 2025 This submission is made on behalf of the New Zealand International Business Forum (NZIBF) and ExportNZ[1]. NZIBF is a forum of senior business leaders working together...
SOUTHERN LINK REVISITED SEMINAR, SEPT 2024
On 24 September 2024 a stakeholders seminar was held in Auckland to reassess the Southern Link concept, five years after a large conference kickstarted focused discussion of the idea (before Covid intervened). This report of the seminar discussions...
T Day has come
STOP PRESS – NOT SO FAST. This post deals with the tariffs President Trump announced on 1 February he would impose on Canada, Mexico and China. By 4 February he announced imposition of tariffs on Canada and Mexico would be suspended for 30 days (until 5 March). ...
Back to the future?
The end of 2024 has trade advocates reaching back to their 2016 taking points as an Administration of a depressingly protectionist hue prepares to take office in the United States, once the global champion for trade liberalisation. We do not know for now what,...
0 Comments