Business drives regional economic growth and APEC is creating an environment where business can flourish. A high level of private sector participation is central to APEC's success and makes APEC unique amongst regional and international organizations. Time APEC Business Advisory Council (ABAC), established in 1995, is composed of up to three members from each economy, appointed by APEC Leaders. In recognition of the key role of small and medium-sized enterprises (SMEs) in all APEC economies, most members reserve one ABAC position for an SME representative. ABAC meets several times each year and publishes an annual report recommending initiatives to improve APEC’s business and investment climate. The report is presented to the APEC leaders Meeting and its recommendations guide APEC in designing its programs. The annum APEC CEO Summit is another forum where regional business leaders can interact with APEC leaders and address key issues affecting business in the region. APEC's Government—Industry Dialogues provide opportunities for APEC to focus on specific market sectors. The APEC Automotive Dialogue comprises senior government and industry representatives and is designed to encourage further trade liberalization and facilitate trade and investment in the automotive sector. Its work program spans a broad range of issues including standards, customs, tariffs, traffic congestion and environmental issues, e-commerce and electronic networking. The APEC Chemical Dialogue, established in 2001 addresses trade-related regulatory issues and aims to facilitate trade in the chemicals sector. The dialogue aims to develop policies to streamline regulatory procedures, harmonize standards and facilitate trade. Its members include government and business representative. Private sector bodies also interact with APEC Working Groups, giving APEC cutting-edge advice on entrepreneurial developments and high-technology, and working to remove impediments to doing business in the region. According to the passage, which of the following is true?