SANTIAGO, Nov. 20 (Xinhuanet) -- The Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) held on Saturday an annual dialogue with the APEC leaders on a recommendation report it had earlier presented to the leaders.

    The report, titled "Bridging the Pacific: Coping with the Challenges of Globalization," includes a proposal to study the concept of a Free Trade Area of the Asia-Pacific (FTAAP), a call for increased regional anti-corruption measures, and considerationof the costs imposed on business by compliance with new security measures.

    The dialogue, presided over by President Ricardo Lagos of the host country of Chile this year, becomes a part of the annual APECEconomic Leaders'meeting.

    The following is a brief introduction of the ABAC:

    Established by APEC economic leaders in November 1995 as the voice of business within the APEC, the ABAC is the sole non-government entity that has an official role in the APEC Economic Leaders' Meeting through a formal dialogue. The ABAC is tasked with reviewing the progress of APEC's work on trade and investmentliberalization through the individual action plans. It recommends future work that would improve the business environment within theregion.

    The council comprises three senior business representatives from each APEC economy, with one member representing small and medium-sized enterprises. The Chair of the ABAC comes from the APEC Member Economy which is hosting the APEC. This position changes annually. In 2004, the ABAC is chaired by Mr Hernan Somerville, President of the Chilean Association of Banks and Financial Institutions Trade Association.

    The ABAC meets regularly three to four times a year and has a dialogue with APEC Economic Leaders during the annual Leaders' meeting. It also sends a representative to Ministerial Meetings. In 2004, the ABAC met in Miami, the United States in February, in Chinese Taipei in May and in Auckland, New Zealand in August, respectively.

    Each year, the ABAC presents an annual report to APEC leaders, providing advice and feedback on the APEC agenda. It has presentedeight reports to APEC leaders under the theme of "APEC Means Business," which contain specific recommendations for improving regional business conditions and expanding trade and investment. Enditem