APEC to bolster cooperation on regulatory affairs of chemical industry

APEC to bolster cooperation on regulatory affairs of chemical industry

APEC illustration on chemical industry. (APEC Secretariat)

Jakarta (ANTARA) - The APEC Chemical Dialogue -- the top Asia-Pacific forum for the chemical industry -- has endeavored to intensify cooperation on regulatory affairs of the chemical industry to facilitate trade, create more job opportunities, and encourage sustainable development.

"The chemical industry is central to many sectors of our economies, particularly in the Asia-Pacific region. It is critical that the government and industry forge cooperation on key trade and regulatory policy issues, and the APEC Chemical Dialogue is at the heart of this cooperation," Kent Shigetomi, co-chair of the APEC Chemical Dialogue, stated.

The chemical industry stakeholders, comprising representatives from the government, private sectors, and experts, partook in this year’s 22nd APEC Chemical Dialogue held in Puerto Varas, Chile.

These stakeholders are collaborating to intensify efforts in promoting high standards of protection for human health, safety, and the environment as well as to prevent trade barriers.

In 2017, the chemical industry had contributed US$5.7 trillion in global gross domestic product (GDP) that is equivalent to seven percent of the world’s total GDP, according to the American Chemistry Council.

The Council also pointed out that the chemical industry is especially critical in the Asia-Pacific region, where it supports 83 million jobs.

Over two-thirds of the APEC chemical trade is intra-regional, with reported exports valued at US$2.9 trillion and reported imports worth $3 trillion during the period from 2011 to 2015.

"Chemistry supports innovative products and technologies that drive the global economy and help people live longer and healthier," Director of International Trade of the American Chemistry Council Ed Brzytwa stated.

"Prioritizing regulatory cooperation, adopting good regulatory practices, and aligning customs practices for chemicals will foster even further job creation and have a positive impact on sustainable development," Brzytwa emphasized.

With Latin America bearing witness to rapid growth in the production and trade of chemicals, the dialog this year prioritizes regulatory cooperation in this key region, with experts from the region offering valuable insights.

"Increasing regulatory cooperation, fostering innovation, and preventing barriers to trade can expand APEC’s engagement with global markets. Continued engagement will pay dividends for APEC member economies for years to come. Let us work together to create ambitious outcomes in APEC that will deliver more shared prosperity across the region," Executive Director of the APEC Secretariat Rebecca Sta Maria stated.

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