Apec Summit 2022 — setting the agenda for sustainable economic growth

At least, that's what Thailand, the host country, expects to achieve.

"For nearly 30 years, we have only focused on increasing profits and remaining at the forefront of the economy. We have neglected our community and the environment. That is why we are currently facing numerous challenges," said Cherdchai Chaivaivid, director-general of the Department of International Economics Affairs, Ministry of Foreign Affairs.

In an exclusive interview with the Nation Group, he admitted that it is impossible to reach 10-20 agreements in just two days. Therefore, the major focus of this year's APEC Summit 2022 will be on presenting a roadmap for a sustainable future based on the 'Bio-Circular-Green' (BCG) economy model.

The statement was in line with a previous one by Thani Thongpakdi, permanent secretary at Thailand's Foreign Ministry, in which he claimed that APEC economies had once more reached a crucial turning point in the world's strategic and economic landscape.

He said this time, however, it is against the backdrop of an unprecedented public health crisis and devastation of the global economy, which has now lasted two years and counting.

"The only silver lining is perhaps that it has uncovered the imbalances in our way of life and business conduct and provided strong impetus to adjust our sails," said Thani.

APEC sustainability and inclusivity
Cherdchai revealed that the 21 Apec economies have been concerned about the environment and vulnerable people even before the Covid-19 pandemic began.

These issues were first raised at the APEC Summit in 2012 with the APEC Environmental Goods List. The leaders committed to reducing tariff rates on 54 goods to 5 per cent or less by the end of 2020, with the goal of improving access to environmental technologies and contributing to green growth and trade liberalisation.

Solar panels, wind turbines, bamboo flooring, and environmental monitoring, analysis, and assessment equipment are among the items on the list.

Since then, the APEC Summit agenda has been centred on the environment and people, with initiatives such as the La Serena Roadmap for Women and Inclusive Growth in 2019, the Putrajaya Vision 2040 in 2020, a set of priorities for Apec's next two decades centred on quality growth and responsibility, and the Food Security Roadmap Towards 2030 in 2021.

As this APEC Summit agreement is not legally binding, it is up to each member to adopt and implement their commitment. Unfortunately, due to the Covid-19 pandemic, geopolitical tensions, and the economic slowdown, the progress of those actions has been suspended.
 

Sustainable prosperity
Cherdchai pointed out that countries all over the world have been stunned and disrupted over the last two years by the pandemic. Most have finally realised what the true essential path is for developing the country and the world as a whole.

"Therefore, there is no better time than now for us all to gather and talk to each other in order to find the proper solution so that no one is left behind," Cherdchai said.

He noted that the significance of this year's APEC Summit is not only that it will be the first time in three years that the leaders of the 21 economies will meet face-to-face, but also that it will provide an opportunity to set the right commitment to balance the world.

The theme of this APEC Summit 2022 is “Open. Connect. Balance”. The three main words are brief summaries of concepts that reflect the pressing main agenda that the 21 APEC members must prioritise.

Cherdchai explained that the goal of “Open” is to facilitate trade and investment by reviving the conversation about the Asia-Pacific Free Trade Agreement (FTAAP). “Connect” denotes safe and seamless connectivity, and “Balance” indicates the global economy's recovery with mutual quality and inclusive responsibility.

Meanwhile, Cherdchai stated that Thailand intends to elaborate the country's BCG economy model in order to provide a more precise picture of how to administer the country's economy with excellent quality and great responsibility.

"After November 19th, our collaboration would be focused on the Bangkok Goal Declaration on BCG. It would be Apec's signal to the world that if your business is not environmentally and socially responsible, it would be rejected," Cherdchai said.

The Bangkok Goal Declaration on BCG will serve as a business code of conduct for the 21 Apec members in terms of trade and investment. It will focus on creating four enablers, which are:

• Conducive regulatory framework
• Capacity building and human capital development
• Facility and infrastructure
• Global network

He insisted on thinking about how to run a sustainable business while also living in harmony with the community and the environment. Everyone must find a way to balance business expansion and environmental sensitivity.

"I am confident that the idea will be accepted by the Apec leaders because environmental and climate change is currently the most pressing global issue," Cherdchai said. "I also hope that the summit will inspire the way the world trades and invests, as it did the World Trade Organization on tax tariff exemption to encourage free trade zones."

APEC Summit 2022 will be held in Bangkok on November 18-19, at the Queen Sirikit National Convention Center. Hundreds of leaders and delegations from the 21 APEC member economies and their allies are expected to attend.

This year's summit logo is a woven bamboo basket used to transport goods and gifts to visitors.

APEC, like a chalom — a Thai bamboo basket — will weave diverse strengths together and join efforts to build a strong, resilient, inclusive, and sustainable Asia-Pacific for future generations, Cherdchai concluded.