Department of Trade and Industry (DTI) Secretary Alfredo Pascual has underscored the critical role of close collaboration between the government and the private sector in achieving the country’s economic agenda.

In a statement Saturday, DTI said Pascual highlighted the vital role of public and private partnerships during the opening ceremony of the APEC Business Advisory Council (ABAC) III meeting in Cebu City on Friday.

The Philippines is hosting the third meeting of the Asia Pacific Economic Cooperation’s (APEC) business advisory group from July 27 to 30, with the theme “Equity, Sustainability, and Opportunity,” aiming to bolster discussions and cooperation between the public and private sectors among the 21 member economies.

“The partnership between APEC and ABAC is not just something we value, it is a cornerstone of our vision for the future. It exemplifies the power of synergy — when government and business come together and connect, we lay the groundwork for a trade environment that is not just functional, but inclusive, resilient, and sustainable. This dynamic collaboration enables us to stay agile and responsive as we navigate the ever-evolving landscape of business and technology,” Pascual said in his speech.

He reiterated the agency’s priorities for this year’s APEC Summit, which include support for the Safe Passage of Maritime Crew in the Covid-19 Era, Boracay Action Agenda to Globalize MSMEs (micro, small, and medium enterprises), and APEC Trade Repository.

Pascual recognized ABAC’s support to push for the Free Trade Area of the Asia Pacific (FTAAP), the free trade agreement among 21 APEC member economies.

“The Philippines view the FTAAP as a mechanism to boost economic recovery in the region, especially for MSMEs most affected by the pandemic. We thus support the immediate implementation of the FTAAP Agenda Work Plan which contributes to APEC’s sustainability and inclusion objectives,” he added. (PNA)