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Thailand is ready to employ the BCG – bio, circular and green –model to help rebuild the economy, Commerce Minister Jurin Laksanawisit said at the 32nd Apec Minister’s Meeting on Monday.

The Asia-Pacific Economic Cooperation (Apec) summit, which kicked off this week, is being hosted virtually by New Zealand. Apec talks will focus on the region’s economic recovery from the Covid-19 fallout, with a special emphasis on supply chain support and decarbonising.

Jurin said Thailand was focusing on four aspects in its bid to rebuild the economy sustainably, namely:

• Getting businesses and the public ready for the digital economy era by cooperating with Apec members on implementing guidelines related to the internet and digital economy.

Thailand will employ 3-pronged economy model for recovery, Jurin tells Apec ministers

Jurin said Thailand has used e-commerce to create trading and investment opportunities, especially for small businesses.

“The value of retail and wholesale trade via e-commerce platforms in 2020 was US$43 billion, up 8.7 per cent year on year, while SMEs were able to boost their trade value up to $47.60 billion or 13 per cent,” he said.

• Thailand is using the BCG Model to boost the potential of local MSMEs (micro, small and medium enterprises). Jurin said Thailand, the host of next year’s Apec Summit, will organise a symposium on the BCG model because trade and efforts to protect the environment must go hand in hand.

• Thailand is ready to support regional economic integration, such as developing an Asia-Pacific free trade area and the Regional Comprehensive Economic Partnership (RCEP). Jurin said Thailand had ratified RCEP on October 28 as “we believe the free-trade agreement will help lift trading barriers and boost the regional economy to grow in the long term”.

• Thailand wants Apec to promote transparency and fairness among countries to ensure everybody has equal access to Covid-19 vaccines and that regulations related to fishery, agriculture and e-commerce are maintained.

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Published : November 09, 2021

By : THE NATION