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Apec ministers set 3 priorities for trade and investment, endorse Bangkok Goals on BCG
FRIDAY, NOVEMBER 18, 2022
Apec ministers on Friday issued a 48-point joint statement, setting three priorities to promote trade and investment among member economies.
The three priorities are: open to all opportunities, connect in all dimensions, and balance in all aspects.
“This year, under the Apec 2022 theme ‘Open. Connect. Balance.’, we advanced our work through three priorities, to promote trade and investment that is open to all opportunities, to reconnect the region in all dimensions, and to drive Apec towards balanced, inclusive and sustainable growth through approaches such as the Bio-Circular-Green [BCG] Economy,” the ministers said in their statement.
Concerned ministers from the 21 member economies of the Asia-Pacific Economic Cooperation (Apec) met at Queen Sirikit National Convention Centre on Thursday (November 17).
The meeting was chaired by two Thai Cabinet members — Deputy Prime Minister and Foreign Affairs Minister Don Pramudwinai and Deputy Premier and Commerce Minister Jurin Laksanawisit.
“At our meeting, we deliberated on Apec’s achievements in 2022 under this year’s priorities, provided guidance on our future work, and discussed the way forward for Apec,” the statement said.
In order to advance Apec’s agenda on sustainability, the ministers welcomed the Bangkok Goals on BCG Economy and submitted it for endorsement by Apec leaders’.
“The Bangkok Goals will support the BCG Economy as an approach to achieve inclusive, balanced and sustainable recovery from Covid-19, long-term resilient economic growth, and environmental and climate objectives in the Apec region in a comprehensive and holistic manner, creating synergy across multiple policy areas and building on Apec’s existing commitments and workstreams,” the statement said.
The ministers also welcomed the launch of the “Apec BCG Award” this year to recognise achievements in sustainability in the region and looked forward to awarding the first winners next year.
The ministerial meeting also approved the report of the 2022 Apec senior officials’ meeting chair and the senior officials’ report on economic and technical cooperation. The ministers also endorsed the Committee on Trade and Investment Annual Report to Ministers. They approved the 2023 Apec Secretariat Account Budget and the corresponding level of members’ contributions for 2023.
The ministers reiterated the grouping’s strong commitment towards the achievement of the Apec Putrajaya Vision 2040, to realise an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, “for the prosperity of all our people and future generations”, the joint statement said.
The Apec ministerial meeting agreed to continue highlighting the serious threat posed by corruption, which undermines government accountability and public trust and impedes economic growth.
“To facilitate the implementation of the UN Convention against Corruption, by relevant economies, we are determined to further implement the ‘Beijing Declaration on Fighting Corruption’ and the ‘Santiago Commitment to Fight Corruption and Ensure Transparency, as well as the Apec Principles on the Prevention of Bribery and Enforcement of Anti-Bribery Law’,” the statement said.
The ministers reaffirmed Apec’s commitment to deny safe haven to corruption offenders and their illicit assets, in accordance with domestic laws, and to combat cross-border corruption.
“We are committed to learning from each other, taking practical action and a united approach, including through collaboration with other international organisations, the private sector and civil society, as appropriate. We reaffirm our commitment to combat cross-border corruption. We will continue to address corruption that prevents women’s empowerment and reduces their opportunities for economic development.”
The ministers also thanked Thailand for hosting Apec in 2022 and welcomed preparations for Apec 2023, which will be hosted by the United States. They also confirmed Peru and South Korea as hosts of Apec 2024 and 2025, respectively.
“We look forward to continuing our important work in building the Asia-Pacific we aspire to become,” the statement said.