SATURDAY, February 24, 2024

Inflation, global warming to top APEC council meeting agenda in Nov

Inflation, global warming to top APEC council meeting agenda in Nov

Inflation and climate change will be the top priorities for the APEC Business Advisory Council (Abac) meeting in Thailand from November 13 to 16.

ABAC 2022 chairman Kriengkrai Thiennukul said the agenda was the result of a discussion at the third council meeting in Ha Long, Vietnam, from July 26 to 29.

The council agreed to field five urgent proposals for the APEC leaders’ summit. All five proposals aim to accelerate the region’s economic recovery and re-establish momentum for long-term, inclusive and resilient growth, he noted.

The five comprise enhancing regional economic integration by supporting more free trade agreements, developing a foundation of digital infrastructure and a digital ecosystem, promoting sustainable practices for micro, small and medium enterprises, ensuring sustainable food security and implementing macroeconomics and financial measures to increase productivity and growth.

We believe these proposals will serve as a guide for future sustainable development in all sectors,” he said.

However, Kriengkrai pointed out that geopolitical tensions, high energy and food prices and the severe impact of climate change pose additional challenges for Asia-Pacific business leaders to address.

He expected to present the final version of the proposals to the APEC leaders’ summit later this year after the next ABAC meeting in November.

The proposals will enlighten the government sector on business needs and solutions for all parties involved.

Meanwhile, Poj Aramwattananont, ABAC Thailand member and APEC CEO Summit 2022 chairman, highlighted the increased emphasis on food security and sustainability through the use of technologies and a bio-circular green economy.

“ABAC calls for double efforts in facilitating trade, deterring export prohibitions and restrictions, and cross-border cooperation relating to food ecosystems to ensure the private sector takes part in APEC’s food security policy, which will be of great importance in the future,” Poj pointed out.

The council meeting concluded with a shared commitment to help the Asia-Pacific region advance towards wealth, growth, and inclusive sustainability, Kriengkrai said.

“The business sector’s voice can shape the future of regional cooperation because it reflects the real needs of those who play a key role in driving the economy,” he added.