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APEC economies to create technology partnership

September 05, 2012, 22:00 UTC+3

The promotion of technology innovation initiatives is an effective mechanism for accelerating Russia's development

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VLADIVOSTOK, September 5 (Itar-Tass) —— At its closing meeting the Business Advisory Council approved Russia's initiative to establish a partnership between government and business leaders on discussing cooperation in the field of technology, ABAC Chairman Ziyavudin Magomedov told journalists on Wednesday, September 5.

Meeting participants worked out economic incentives for both developed and emerging economies to distribute technology, as well as a way of protecting their intellectual property. This requires standard agreements on how technology should be transferred, Magomedov said. A system of standards for trade in technology needs to be introduced, similar to the one already in place for international trade in goods.

The ABAC Chairman said this initiative is especially relevant for Russia because in 2011, machinery and equipment accounted for 48 percent of Russia's imports. Simpler intellectual policy protection rules will enable foreign companies to be more active in building licensed high-tech facilities in Russian regions and enable Russian high-tech companies to protect their products from illegal copying in emerging markets, thereby increasing export opportunities.

ABAC member Cher Wang, chairman and cofounder of the Chinese Taipei mobile giant HTC, said at the meeting that she viewed the technology transfer initiatives as one of the council's major successes in 2012, and something that the ABAC absolutely had to continue working on.

The promotion of technology innovation initiatives is an effective mechanism for accelerating Russia's development. This kind of cooperation is definitely attractive for the region and its economies, Shi Ze, Senior Research Fellow with the China Institute of International Studies, said.

Over the course of Magomedov's chairmanship of ABAC the council has been working on a package of recommendations to be handed over to the leaders of the APEC economies following the end of the ABAC meeting. Apart from technology issues, these recommendations also cover food security, transport and supply chains, and environmentally friendly urban development.

The closing meeting of ABAC will take place on Thursday, September 6, and will be followed by a news conference where the results of its work in 2012 will be summarised.

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