Thailand backs free trade and green economy at APEC summit

Thailand is set to champion the establishment of a Free Trade Area of the Asia-Pacific (FTAAP) and is committed to supporting green economy initiatives and sustainable development.

Prime Minister Paetongtarn Shinawatra underscored these priorities during her participation in the APEC Economic Leaders’ Retreat, chaired by Peru President Dina Ercilia Boluarte Zegarra, before the conclusion of the 31st Asia-Pacific Economic Cooperation meeting held yesterday, November 17, in Lima.

In her address, the 38 year old Thai premier highlighted the growing global uncertainties and positioned Thailand as a pivotal advocate for peace and shared prosperity.

“Thailand, as a promoter of peace and common prosperity, believes APEC serves as a significant platform for deepening collaboration and unlocking substantial economic potential among its members.”

The Bangkok-born PM expressed confidence in the collective ability of APEC members to establish equitable trade and investment opportunities.

“I am confident that through a concerted effort, members will be able to build a level playing field for all and create new mechanisms to boost trade and investment, which will benefit the people and the world.”

No one left behind

Emphasising inclusivity, PM Paetongtarn stressed the importance of creating opportunities to ensure no one is excluded. She urged for economic management systems that are mutually agreed upon by APEC members.

Reaffirming Thailand’s commitment to regional economic integration, the Thai prime minister advocated for the FTAAP as a means to enhance trade sustainability. She noted that the FTAAP would bolster member economies by involving all stakeholders.

PM Paetongtarn called upon APEC to enhance both physical and digital connectivity across the region. She highlighted the necessity of advancing digital infrastructure and expanding the APEC Business Travel Card (ABTC) to facilitate greater people-to-people interactions and support the mobility of digital nomads.

Addressing sustainability, the PM urged APEC members to continue implementing the Bangkok Goals on the Bio-Circular-Green (BCG) Economy and to set ambitious green transition targets. She also advocated for more dialogue on carbon credit markets and trade and stressed the importance of enhancing food security through improved agricultural technology.

The meeting culminated in the endorsement of three key documents: The APEC Economic Leaders’ Declaration, The Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific, and the Lima Roadmap to Promote the Transition to the Formal and Global Economy.

Throughout the event, PM Paetongtarn engaged with APEC leaders in discussions on various issues such as energy, electric vehicles, and artificial intelligence during the ABAC Dialogue with APEC Economic Leaders meeting.

Several major corporations, including TikTok, Microsoft, and Google, demonstrated interest in investing in Thailand. Paetongtarn expressed approval of Google’s intention to establish a data centre and cloud region in Thailand, backed by a US$1 billion (34.8 billion baht) investment.

According to her spokesperson, this venture is projected to create over 14,000 jobs between 2025 and 2029 and generate an approximate economic value of US$4 billion by 2029, reported Bangkok Post.