APEC considers implementation of the MAC Protocol

On 14 August 2023, the APEC Economic Committee held a Policy Dialogue on “Improving Access to Credit in the Asia Pacific through Asset-Based Finance – the Cape Town Convention and its Mining, Agricultural Construction (MAC) Protocol” in Seattle, the United States.

Proposed by the United States in its capacity as the 2023 APEC Host Economy, the Policy Dialogue brought together representatives of the 21 APEC Member Economies, legal experts and industry representatives to discuss how the MAC Protocol could strengthen the legal framework for cross-border finance and trade of mining, agricultural and construction machinery in the Asia-Pacific region. During the Policy Dialogue, the ILI Director of Law Reform Programs Marek Dubovec and UNIDROIT Senior Legal Officer William Brydie-Watson jointly presented on the legal and economic benefits of the MAC Protocol.

During the Policy Dialogue, participants discussed how the APEC Economic Committee could utilise the MAC Protocol to the Cape Town Convention to achieve the goals of the Enhanced APEC Agenda for Structural Reforms (EAASR) and possible future steps to assist APEC Member Economies implement the treaty. UNIDROIT has held Guest Status at the APEC Economic Committee since 2017.

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