APEC trade ministers in Bangkok to discuss economic revival, FTAAP

The trade representatives are in Thailand to attend the APEC Ministers Responsible for Trade Meeting.

In his opening speech, Commerce Minister Jurin Laksanawisit said the meeting is being held at a critical time when the global economy is facing many challenges and uncertainties.

He said all member countries need to closely cooperate to find a proper solution to help rebuild the global economy in the wake of the Covid-19 crisis and the ongoing Russia-Ukraine war.

This is the first time in two years that APEC trade ministers’ representatives and the APEC Business Advisory Council have come together in person. This year’s meeting, themed “Open, Connect, Balance”, is being held at Centara Grand Hotel in downtown Bangkok.

Jurin said the objective of this meeting was to provide trade ministers with an opportunity to discuss and formulate guidelines to drive trade and investment among APEC countries.

“The key action agenda is to expand free-trade agreements with each party, especially the Free Trade Area of the Asia-Pacific [FTAAP]. Promoting multilateral trade as well as driving economic growth and development during the Covid-19 situation is also included in the discussion,” said Jurin, who also doubles as deputy PM.

He expects the outcome of this year’s trade ministers’ meeting to play a key role in determining the policy direction for revitalising and stimulating regional economic growth. It will also help member countries to be better prepared for similar crises in the future.

Overall, APEC economies are expected to continue growing at a moderate pace. APEC’s GDP grew 5.9 per cent last year and is expected to grow 4.2 per cent this year and 3.8 per cent next year.

The 21 APEC member countries are Australia, Brunei Darussalam, Canada, Chile, Taiwan, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, China, Peru, South Korea, the Philippines, Russia, Singapore, Thailand, the US and Vietnam.