Thailand is helping the other 21 APEC economies move the Asia-Pacific free trade area (FTAAP) proposal forward. In order to get the APEC ministers and leaders to agree on the initiative’s work goals, they are being set rapidly.
During APEC Economic Leaders’ Week, the Department of Trade Negotiations (DTN) will hold bilateral discussions with the commerce ministers of APEC member nations, as previously announced. Auramon Supthaweethum, the DTN’s general director, has suggested that discussions with China and the invited country of Saudi Arabia are to be expected.
At the forefront of these off-the-record discussions will be the promotion of the Asia-Pacific free trade area (FTAAP) concept. Ms. Auramon has stated that a 4-year work plan would be unveiled following the presentation of the issue at the APEC Economic Leaders’ Meeting. How well-prepared member economies are will determine whether or not FTAAP discussions can be concluded in 4 years.
On November 17, APEC ministers will discuss how to achieve long-term, broad-based economic expansion. It will be co-hosted by the Ministry of Foreign Affairs and the Ministry of Commerce. Participants will talk on regional connectivity after Covid and the promotion of the Bio-Circular-Green (BCG) economic paradigm. With the goal of encouraging approachable commerce and economic progress, the Ministry of Commerce will deliver a discussion on sustainable and open trade and investment. In order to shed light on this issue, the president of the World Trade Organization has been asked to give a speech.
The general manager has announced that an exhibition called “BCG Journey” would be held for the event. The BCG model has been successfully implemented in agriculture, industry, and services in Thailand, and these sectors will be showcased during the event.