The private sector of Thailand is now preparing to host the APEC Business Advisory Council 2022 meeting next year while pledging to work together with 21 member economies of the Asia-Pacific Economic Cooperation.
Mr. Suphan Mongkolsuthee, Chairman of the Federation of Thai Industries (FTI) and serving as the chairman of the APEC Business Advisory Council (ABAC), said the private sector is ready to work in parallel with the government in hosting meetings and events for the Asia-Pacific Economic Cooperation (APEC) next year, with the private sector planning to host the ABAC meeting in late-2022.
Embrace, Engage, Enable has been set as the main theme for ABAC 2022, representing embracement of new opportunities and connections to business partners after the pandemic-driven economic slowdown; engagement of members on creativity and cooperation to mutually set a new direction for the future; and enabling new economic capacities and possibilities.
The 21 member economies are home to a 2.8 billion population. The combined value of APEC economies accounts for 60% of the global GDP, with trade value between member economies ranging from 6.98% to 70%.
The FTI chairman said the APEC and ABAC meetings will significantly help boost Thailand’s post-pandemic recovery. The country is now expected to see better economic performance after the full reopening of the country set for January next year, and the 3-4% annual GDP growth in 2022.
The APEC Business Advisory Council serves as the advisory panel to APEC leaders on free trade and investment facilitation, with the FTI, the Board of Trade of Thailand, and the Thai Bankers’ Association among 63 council members. The position of ABAC leader is generally rotated, with members from the host country selected as chairs.
The FTI also intends to set up 5 international working committees to promote Thailand’s Bio-Circular-Green (BCG) economic model, digital cooperation, digital currency, and other trade negotiations including free trade areas. (NNT)