Thailand determined to push BCG economic model at Apec Summit

Cherdchai Chaivaivid, director-general of the Department of International Economic Affairs and Thailand's Apec senior official, Foreign Affairs Ministy, noted that the upcoming Apec Summit in 2022 would take place in the midst of a global economic recession and serious geopolitical tensions.

Thailand, as a host country, wants everything to go smoothly. However, politics always determines the direction of international relationships that affect trade and economics, so anything can happen at the Apec Summit in 2022, he cautioned.

Despite these unfavourable possibilities, Cherdchai stated that Thailand is committed to achieving the Bangkok Goal Declaration on the BCG economy.

He stated that the focus of this declaration would be the BCG economy model. It will serve as the business code of conduct for the 21 Apec members in terms of trade and investment.

He explained that the Bangkok Goal Declation on the BCG economy would be highlighted in four agenda items: One deals with the consequences of climate change, the second step is to be environmentally responsible in order to ensure long-term sustainability, the third is serious conservation of natural resources and their efficient use, and the fourth is business management with little or zero waste.
 

"From now on, 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 elaborated.

The declaration will be officially launched on November 19, 2022.

He is confident that Apec leaders will accept the idea because environmental and climate change are currently the most pressing global issues. He hoped that the summit would inspire the way the world trades and invests in the same way that it had inspired the World Trade Organization (WTO) on tax tariff exemption to encourage free trade zones.

Although the declaration will not be legally binding, Thailand is confident that the BCG economy concept will be carried forward to the next Apec Summit.

"It is the end of doing business in order to maximise profits. It is time to consider how to run a sustainable business while also living in harmony with the community and the environment. We must find a way to balance business growth with environmental sensitivity," Cherdchai noted.
 

He also spoke on the list of leaders and delegates expected to attend the summit, stating that the list would not be finalised until at least two weeks before the event.

The remark came in response to a new report that Russia's president would attend the Apec Summit while the US president would not. He emphasised that a country leader not attending the summit and delegating someone to replace them is not unusual. Hence, whether or not they attend has no bearing on Thailand's image.