Asia-Pacific CEOs Favour Free Trade Agreement Across the Region

11/10/2011 7:30 PM EST

PwC
Press release

Asia-Pacific CEOs Favour Free Trade Agreement Across the Region


  -- Two Thirds of CEOs say APEC should take lead role on trade
  -- 63% of CEOs see free trade in APEC region as critical to business success

HONOLULU, 2011-11-10 23:14 CET (GLOBE NEWSWIRE) -- Establishing a free-trade
agreement among the 21 economies of the Asia-Pacific region should be a top
priority for the Asia-Pacific Economic Cooperation (APEC), whose summit meeting
begins here today. Two-thirds of the CEOs surveyed by PwC said the APEC leaders
should take a lead role in eliminating trade barriers. 

In addition, 63% of the more than 320 Asia-Pacific CEOs surveyed by PwC said
that establishing free trade among their nations is 'critical' to the success
of their companies. 

"Doing business in domestic Asian markets is quickly becoming the main avenue
for growth in the APEC economies," said Dennis Nally, chairman of PwC
International Ltd, who will speak at the opening session of the APEC CEO
Summit. "Free trade among all the nations in the region will reduce their
reliance on low-cost manufacturing for export to more mature economies." 

To drive growth, CEOs want to expand in Asia's fast-growing consumer markets
and to extend their presence in the evolving markets for services. More
business leaders (44%) are making their largest investment over the next 3-5
years in China over any other APEC economy. Nearly one third of planned
investments are targeted on expanding capabilities in services by investing in
managerial, R&D and financial operations in China. 

Among other trade-related findings of the survey:

  -- Inter-regional trade pacts will play a key role in growth for APEC
     counties; 64% of CEOs said bilateral and regional trade agreements are more
     important to their company than multilateral agreements.
  -- Protectionist tendencies by their trading partners are a significant
     barrier to their growth for nearly 30% of CEOs.
  -- More than 60% of CEOs say the Transpacific Partnership provides a viable
     pathway to free trade across the region.

"The change from 'producer only' economies to 'producer and consumer' markets
across much of Asia -Pacific will require deeper capital markets and
streamlined supply and distribution channels. That will require unfettered
cooperation among the APEC nations and is something CEOs hope their political
leaders address at the APEC summit," Mr. Nally said. 

Notes to Editors:

About the PwC network: PwC firms help organisations and individuals create the
value they're looking for. We're a network of firms in 158 countries with close
to 169,000 people who are committed to delivering quality in assurance, tax and
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at www.pwc.com. 

About APEC: The Asia-Pacific Economic Cooperation (APEC) forum is the premier
economic organisation in the Asia-Pacific region. Established in 1989 by 12
economies, APEC fosters growth and prosperity by facilitating economic
cooperation and expanding trade and investment throughout the region. APEC's 21
member economies today account for 55% of global GDP. 

The APEC CEO Summit is the Asia-Pacific's premier business event, drawing
thousands of economic and business leaders from around the region and beyond.
The 2011 CEO Summit will be held from 10-12 November in Honolulu, Hawaii. 

Survey Methodology: Carried out by PwC International Survey Unit, the APEC CEO
Survey 2011 was conducted between July and September 2011 covering CEOs and
industry leaders in 26 countries, including all 21 APEC economies. 

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their professional judgment or bind them in any way. 

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http://www.globenewswire.com/newsroom/prs/?pkgid=2684 

2011 PricewaterhouseCoopers. All rights reserved.


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