The Asia-Pacific Economic Cooperation (APEC) economies should rise above differences to give hope amid increasing inflation, rising food and energy prices, inequality and climate change.
Ministers and representatives at the 21 APEC-member economies aligned their ideas to advance Asia-Pacific integration, trade and investment in the common pursuit of a sustained and inclusive recovery in a highly uncertain world at the 33rd APEC Ministerial Meeting (AMM) in Bangkok.
Ministers and representatives also focused on the next step to reconnect the region, develop safe passage and build resilience, especially after the COVID-19 pandemic forced many economies to impose strict policies on movement and cross-border travel.
Under the theme “Open. Connect. Balance.”, they exchanged views on the bio-circular-green (BCG) economy model and how it can help APEC members achieve a sustainable and inclusive recovery, as well as long-term growth. The BCG economy integrates the bio-economy, the circular economy which encourages reuse and recycling and the green economy.
Drawing on the lessons from the last two years, ministers and representatives deliberated on measures to improve coordination between their health policies to ensure that travel in the region will remain open and safe in the face of future pandemics and shocks.
Malaysia’s Foreign Affairs Ministry Deputy Secretary General (Multilateral Affairs) Datuk Cheong Loon Lai and International Trade and Industry Ministry (MITI) Deputy Secretary General (Trade) Hairil Yahri Yaacob represented their respective ministers at the meeting.
Thailand’s Deputies Prime Minister Don Pramudwinai and Jurin Laksanawit, who are also Foreign Affairs Minister and Commerce Minister, respectively, co-chaired the 2022 APEC Ministerial Meeting.
In his opening remarks, Don said that the world is staring at hyperinflation while married to recession, broken supply chains and scarcities, and climate calamities, and a precariously outdated mode of production that seriously needs recalibration in light of technological innovation.
“APEC this year must rise above these challenges and deliver hope to the world at large (so) that collaboratively we can prevail and prosper,” he said.
In view of the rapid technological innovation, environmental degradation and climate change, coupled with the frightening inequality gap, Don said APEC leaders (need) “to ponder” and cooperate on how things can be done better.
“It will require new tactical and strategic adjustments, and more importantly, a new mindset to make these needed adjustments possible. To maintain the status quo is not an option,” he said.
Deputy Prime Minister Jurin highlighted the progress made on the multi-year work plan for the Free Trade Area of the Asia Pacific, a study on issues related to the promotion of free trade, and noted that deepening the region’s integration is key to addressing economic uncertainties.
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