Thailand is working with the 21 APEC economies to advance the Asia-Pacific free trade area (FTAAP) initiative. Work goals under the initiative are now being rapidly designated so they may be endorsed by APEC ministers and leaders.
The Department of Trade Negotiations (DTN) indicated bilateral talks with ministers of commerce from APEC member economies will be held during the APEC Economic Leaders’ Week. DTN Director-General Auramon Supthaweethum said talks are expected with China and special guest Saudi Arabia.
The advancing of the Asia-Pacific free trade area (FTAAP) initiative will be an important agenda during these sideline talks. Ms. Auramon said the topic will be presented at the APEC Economic Leaders’ Meeting, after which a 4-year work plan will be announced. Whether negotiations on the FTAAP will conclude within 4 years would depend on the preparedness of member economies.
A meeting of APEC ministers will be held on November 17 on the topic of sustainable, inclusive, and balanced economic growth. The Ministry of Commerce will co-host this meeting with the Ministry of Foreign Affairs. Participants will discuss promoting the Bio-Circular-Green (BCG) economic model and post-Covid regional connectivity. The Ministry of Commerce will present a topic on sustainable and open trade and investment, with an aim of promoting accessible trade and economic growth. The head of the World Trade Organization has been invited to speak on this topic.
The director-general said an exhibition titled “BCG Journey” will be organized on this occasion. The event will highlight Thailand’s successes in implementing the BCG model in agriculture, industries, and services. (NNT)
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