BCG and FTAs: Empowering Thai trade in the Asia-Pacific
Part of the economic tapestry that drives APEC, Thailand - hosting the cooperation in 2022 - implemented a range of programs and projects to revitalize its trade and commerce, mobilizing both the Bio-Circular-Green Economy (BCG) concept and Free Trade Agreements (FTAs) to stimulate economic activity.
Coupling the potential of BCG and FTAs was the Department of Trade Negotiations under the Ministry of Commerce’s “Thai Entrepreneur Program for FTA Market”.
The endeavor first sought out businesses with the potential to greatly benefit from implementing the BCG approach, which combines the bio, circular and green economic models into one that adds value by making producers more environmentally-friendly and socially responsible, bolstering their sustainability.
These enterprises, mostly in the realms of agricultural produce and lifestyle goods, were given support to realize their potential under BCG and then access to a business matching session in July 2022 at the “Thai Entrepreneur Program for FTA Market”, an event organized by the Department of International Trade Promotion.
The businesses were matched with possible partners within the Regional Comprehensive Economic Partnership (RCEP), spanning ASEAN and Japan, as well as major entities such as TV Direct and e-commerce platform Thailand Mall.
Feedback from the effort was immensely positive, with participating businesses hailing it for broadening their trade bases and boosting their standing.
The program was more notably, a prime example of how Thailand is promoting BCG as a way to unlock value for businesses as well as how producers and service providers based in Thailand can significantly benefit from its FTAs.
According to the Department of Trade Negotiations, Thailand is engaged in 14 FTAs with 18 countries both within and beyond the Asia-Pacific. These agreements range from bilateral with Australia, New Zealand and India to multilateral via ASEAN.
Hosting APEC for 2022, Thailand’s mobilization of FTAs is consistent with the priority of “opening” the region to all opportunities. Employing the power of the BCG economy model, Thailand has provided clear examples for APEC on how the forum can reignite trade and prepare it for a future where environmental harmony and sustainability are leading economic factors.
