Prime Minister participated in the 28th APEC Economic Leaders’ Meeting

On 12 November 2021, H.E. Gen. Prayut Chan-o-cha, Prime Minister participated in the 28th APEC Economic Leaders’ Meeting (AELM) hosted by New Zealand via video conference.

APEC Leaders reaffirmed their commitment to (1) respond to the immediate crisis caused by the pandemic (2) promote economic recovery, and (3) generate long-term sustainable and inclusive growth.

To promptly respond to COVID-19, APEC Leaders emphasised the importance of equitable access to affordable COVID-19 vaccines and related medical products and supportive measures on trade facilitation to reduce the cost of such products. The meeting also agreed that APEC must work on reopening borders in a safe and seamless manner.

To promote economic recovery, APEC Leaders emphasised the importance of an open, fair and non-discriminatory digital business environment and reaffirmed its commitment to a rules based multilateral trading system and agreed to work together towards a concrete and meaningful outcome of MC12. The meeting also agreed on the need for fiscal policy that is calibrated to sustain economic recovery while preserving long-term fiscal sustainability. At the same time, structural reform must play a key role  in maintaining economic stimulus in the region.

To generate long-term sustainable and inclusive growth, APEC Leaders called for action to transform APEC to “net-zero” and achieve the Paris Agreement goals. To achieve this, APEC will further integrate climate change agenda across all APEC works. The meeting also pledged to continue support access to economic opportunities for MSMEs, women and groups with untapped economic potential through digital empowerment.

The Prime Minister highlighted the importance of accelerating economic recovery to generate long-term and sustainable growth and highlighted the following 3 priority areas: (1) reconnecting the region in a safe and seamless manner; (2) rejuvenating trade and investment by taking the lead in advancing free and open trade and investment, strengthening the rules-based multilateral trading system and deepening regional economic integration with a view to realising the FTAAP agenda; and (3) revitalising APEC economies to ensure long-term growth that is sustainable, balanced and inclusive and sharing Thailand’s thinking on the Bio-Circular-Green Economy Model.

The 28th APEC Economic Leaders’ Meeting was successfully held against the backdrop of the COVID-19 pandemic. APEC Leaders adopted two important outcome documents, the 28th APEC Economic Leaders’ Declaration and the Aotearoa Plan of Action to implement the APEC Putrajaya Vision 2040.

The Prime Minister’s speech as the host of APEC 2022 introducing the theme of APEC 2022 “Open. Connect. Balance.” was warmly welcomed by APEC economies.