Thailand Steers Towards Free Trade, Green Economy at APEC Summit

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At the recently concluded 31st Asia-Pacific Economic Cooperation (APEC) meeting, Thailand's Prime Minister Paetongtarn Shinawatra outlined her vision for a Free Trade Area of the Asia-Pacific (FTAAP) and advocated fervently for an increased dedication to green economy initiatives and sustainable development.

 

During the APEC Economic Leaders’ Retreat, chaired by Peru President Dina Ercilia Boluarte Zegarra in Lima, Prime Minister Shinawatra underscored the potent role of the APEC platform in fostering peace and shared prosperity amidst mounting global uncertainties. She positioned Thailand as a pivotal advocate for these ideals in her address to the assembly.

 

"Our efforts within the APEC framework can unlock substantial economic potential, creating a level playing field for trade and investment which would immensely benefit the people and the world," said the Thai Prime Minister. Throughout her address, she consistently voiced themes of inclusivity and equal opportunities for all.

 

As a hallmark of her commitment to regional economic integration, PM Shinawatra passionately advocated for the founding of the FTAAP to bolster trade sustainability and enhance economies across the region. She appealed to her fellow APEC leaders to ramp up both physical and digital connectivity, stressing the importance of digital infrastructure advancement and the expansion of the APEC Business Travel Card (ABTC).

 

 

Addressing the urgent need for sustainability, she urged APEC to continue implementing the Bangkok Goals centred on a Bio-Circular-Green (BCG) economy. Setting ambitious green transition targets, advocating for in-depth discussions on carbon credit markets and trade, and emphasising the importance of enhancing food security via advanced agricultural technology were other key aspects of her speech.

 

The APEC meeting concluded with the endorsement of three key documents all geared towards promoting free trade, sustainable development and formalisation of the global economy. Parallel to this, PM Shinawatra engaged in dialogues about cutting-edge technology such as energy, electric vehicles, and artificial intelligence.

 

In addition, technology behemoths like TikTok, Microsoft, and Google exhibited zest to invest in Thailand, with Google planning to establish a cloud region and data centre there, backed by an investment of US$1 billion. This venture, according to the PM's spokesperson, is forecasted to generate over 14,000 jobs in the period 2025-2029 and produce an economic value of almost US$4 billion by 2029. The APEC's collaborative momentum coupled with Thailand's strategic approach paints a promising picture of future economic growth and sustainability in the Asia-Pacific region.

 

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-- 2024-11-18