Trade Winds

The APEC Emergency Preparedness Working Group released information about its new efforts to secure economic resources in case of emergency situations such as earthquakes and extreme weather, which the group cites as representing 100 billion USD per year for its member economies.

“Emphasis is on helping businesses integrated in cross-border production and supply chains limit disruptions to their operations in an emergency — safeguarding jobs and growth in the Pacific Rim,” states the release. The action plan is based on a meeting in Nagoya between auto, electronics, insurance and finance firms to discuss business continuity planning in APEC economies, drawing on previous disaster efforts, as well as the business continuity plans of companies such as Nissan and Fujitsu. It looked at best practices such as routine checks and random, unannounced drills, as well as the potential for firms to transfer risk through disaster risk financing and the creation of financial incentives for their adoption.