APEC Promotes Advertising Self-Regulation

2:11 PM, 10 July 2014

For the first time in its twenty-five year history, Asia Pacific Economic Cooperation (APEC) looks to promote coherent advertising standards across the 21 Pacific Rim member economies in order to promote trade.

APEC has recognised that there are currently shortcomings in many APEC markets, particularly in East and South East Asia.  APEC accounts for approximately 54% of the world’s gross domestic product and about 44% of world trade, and six of the top ten contributors to global ad spend growth (USA, China, Indonesia, Japan, Korea and Russia) between 2013 and 2016 will be APEC economies.  

Through creating clear industry standards and more transparent processes for the approval and airing of advertising content and giving industry a greater stake in policing itself, APEC would make it less costly for local companies to bring product to market.  In turn this would also make it simpler for foreign companies to ensure compliance with local standards. As a result this would likely lead to increased trade and competition and higher advertising spend, which APEC knows to be intrinsically correlated to economic growth.

Chinese Advertiser Association will be hosting a two day workshop in Beijing on August 8th and 9th 2014 alongside other global industry partners including WFA, EASA and the International Chamber of Commerce, on the best practice of advertising standards

With APEC’s initiative, there is growing momentum and appetite for industry involvement in setting clear and transparent standards and processes in countries such as Vietnam, Indonesia and China. Not least as these governments witness how the more evolved industry-led set-ups in India, the Philippines and Singapore can incentivise foreign direct investment.

Read the full article from WFA website here

Share Tweet