Mr. Jae-Hyun Hyun
2005 ABAC Chairman
Chairman, Tong Yang Group

Mr. Jae-Hyun Hyun, Chairman of Tong Yang Group and 2005 Chair of the APEC Business Advisory Council, spoke with members of the Voices of the Future of APEC Program about the goals of the 2005 CEO Summit and answered questions from students regarding the various issues arising from trade liberalization.

The Business Advisory Council’s main goal for 2005, according to Chairman Hyun, is to encourage political leaders to issue a firm statement that will facilitate the completion of the World Trade Organization’s Doha Development Round of negotiations this December. Currently, the Doha Development Round talks are at a stalemate, due primarily to refusals by some European Union countries to lower agricultural barriers to trade. ABAC members will stress the importance of trade liberalization in terms of its impact on the corporate environment for the trade arenas involved.

Additionally, Mr. Hyun stated that ABAC members will evaluate the progress of the 1994 Bogar Goals, which aim for economic openness in developed countries by 2010 and in developing countries by 2020. The Council will offer suggestions for the completion of APEC’s driving vision by the original deadlines. ABAC leaders will also stress the need to standardize Free Trade Agreement throughout the region, as disparate rules and regulations of the hundreds of FTAs harm businesses.

In response to a question regarding the implications of increased trade on social justice issues, Mr. Hyun acknowledged that divides still exist between the “haves” and the “have-nots.” He stressed, however, that nations have to continue to grow. “You have to enlarge the pie before you can distribute the pieces more equitably,” Hyun declared.