At Bangkok meeting APEC trade ministers on board for BCG economy

Trade ministers from Pacific-rim countries have voiced support for advancing the bio-circular-green (BCG) economy to drive more sustainable economic growth, Thailand’s Minister of Commerce Jurin Laksanawisit mentioned at the conclusion of the APEC Trade Ministers meeting in Bangkok at the end of last month.

“The BCG economic model will lead to beneficial results in APEC economies and the world in the future, both in terms of income generation and income distribution,” said Minister Jurin.

The primary benefits will be environmental with other positive results flowing from that. Thailand has been championing the BCG economy at home and abroad. The Kingdom also hosted the “APEC BCG Symposium 2022” in Bangkok, which was attended by most trade ministers.

Adopting the model is integral to Thailand 4.0, the Kingdom’s 20-year national strategy to achieve advanced and sustainable development. It will also enable the Kingdom to achieve its targets and commitments to reduce its greenhouse gas emissions and eventually achieve net-zero carbon emissions.

“This will reduce environmental destruction and, in line with current world trade and manufacturing trends aiming for green economies, it is the common goal of APEC,” Jurin added.

To truly transition to a BCG economy, even smaller businesses will have to be on board. Jurin said that the APEC ministers are aware of that. “The bloc aims to jointly promote small and medium-sized enterprises (SMEs) and micro-SMEs to upgrade their manufacturing and services using the BCG model.”

The BCG model consists of (1) The Bio Economy, which aims to utilize biodiversity in the APEC Economic Zones and Thailand for economic benefits; (2) The Circular Economy, which aims to increase efficiency in use of existing resources and employ recycling; (3) The Green Economy, which will lead economic development through environmentally conscious methods in the manufacturing and service sectors.

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