Paetongtarn addresses APEC meeting in Lima

Prime Minister Paetongtarn Shinawatra participated in the APEC Economic Leaders’ Retreat, chaired by Dina Ercilia Boluarte Zegarra, president of Peru, prior to the official closing ceremony of the 31st Asia-Pacific Economic Cooperation meeting in Lima on Saturday.

At that event, Paetongtarn said: "The world is facing increasing uncertainty, and as a promoter of peace and shared prosperity, Thailand believes that APEC serves as a crucial platform for fostering collaboration and unlocking significant economic potential among its members.”

She expressed confidence that through joint efforts, members can establish a level playing field and introduce new mechanisms to enhance trade and investment, ultimately benefiting people and the planet.”

The prime minister highlighted her vision for cooperation and achieving these goals, emphasising the need to “create opportunities for all”. She stressed the importance of inclusive collaboration, leaving no one behind, and managing a mutually agreed economic system. This approach would empower vulnerable groups and ensure equitable opportunities, with a focus on poverty eradication, she said.

On strengthening cooperation, she urged APEC to enhance physical and digital connectivity across the region. These improvements would not only boost trade and investment but also facilitate communication among people, particularly for “digital nomads” and online entrepreneurs. 

She also suggested expanding the APEC Business Travel Card (ABTC) privileges among member economies to promote business travel and trade.

The prime minister emphasised the urgent need for APEC to transition toward a green economy, aligning with the Bangkok Goals on the Bio-Circular-Green (BCG) Economy. 

Thailand is committed to increasing its share of clean and renewable energy, targeting an additional 20 gigawatts of clean energy capacity within the next 20 years, consistent with the goal of achieving net-zero greenhouse gas emissions by 2065.

She called on APEC to take the lead in setting ambitious goals for the BCG transition and urged members to engage in discussions on developing carbon credit markets and trade. Thailand believes that APEC can pioneer a shared path toward a sustainable future, she said.

The prime minister also emphasised Thailand’s vision of promoting regional economic integration, aiming to materialise the Free Trade Area of the Asia-Pacific (FTAAP) to ensure trade sustainability. Preparing for FTAAP would enhance the capacity of member economies by fostering the involvement of all stakeholders, Paetongtarn said. 

“Thailand believes that creating innovative solutions and developing a balanced and resilient ‘financial architecture’ will help safeguard economic stability and expand trade and investment opportunities.” 

During the meeting, three outcome documents were endorsed:

The APEC Economic Leaders’ Declaration

The Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific

The Lima Roadmap to Promote the Transition to the Formal and Global Economy