ABAC was established by the APEC Leaders in November 1995 to provide cooperation between the forum and APEC business community. The ABAC`s main aim is the elaboration of proposals for strengthening cooperation and recommendations on APEC decisions implementation affecting the business.
ABAC comprises of up to three members of the private sector from each economy. ABAC members are appointed by their respective leaders, and represent a range of business sectors, including small and medium enterprises. The economy determines the term of membership of each appointee as well as its own administrative arrangements and staff support. The ABAC International Secretariat based in Manila (Philippines). Funding is provided through a system of annual dues, which are structured to reflect the size of each economy, following the APEC formula. The Chair of ABAC comes from the economy that is hosting APEC.
Within ABAC a few working groups are operating. For example, to carry forward the work program for 2014, ABAC has established the working groups on regional economic integration (REIWG), sustainable development (SDWG), SMME & Entrepreneurship (SMMEEWG), infrastructure & connectivity (ICWG) and finance & economics (FEWG).
Annually ABAC prepares the report to the APEC Economic Leaders which releases on the eve of the APEC summit.
On the fields of the summits the informal meetings between the APEC Leaders and ABAC members are held.
Russia`s participation in ABAC
Russia`s representatives and their deputies in ABAC are appointed by the Russian President`s decree for three years. The companies cover the ABAC participation costs, including membership fees, by themselves.
In 2016-2018 Russia are represented in ABAC by:
Oleg Deripaska, Chairman of the Supervisory Board, Basic Element
Kirill Dmitriev, CEO, Russian Direct Investment Fund (RDIF)
Andrey Kostin, President and Chairman of the Management Board, Member of the Supervisory Council, VTB Bank
The deputy representatives are:
Victor Lysechko, Head of International Department, Russian Direct Investment Fund (RDIF)
Georgy Oganov, Advisor to CEO, Member of Executive Board, Basic Element
Vasily Titov, First Deputy President and Chairman of the Management Board, VTB Bank