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.
Thai puppetry performed by Joe Louise during APEC 2022
Puppets in Thailand have a long history of being used in Thai entertainment. The Joe Louis Theatre, named for its founder, a legendary puppeteer, has been at the center of efforts to keep this delicate art form alive and thriving for decades.
Apec 2022: Showcase for shimmering beauty of Thai silk
FRIDAY, NOVEMBER 18, 2022
Nongluck Ajanapanya
Apec leaders and their spouses were charmed by the beauty of Thai silk as they dined at the gala dinner hosted on Thursday evening at the Royal Thai Navy Convention Hall.
The dresses, showcased in the “Thai Silk through the Eyes of Apec” show, had been designed by 21 designers from member countries and were so stunning that French President Emmanuel Macron commented they should be shown off at the Paris Fashion Week.
Members of the media were given a chance to admire the creations again on Friday at Queen Sirikit National Convention Centre.
Innovation, cooperation keys in striking balance between rising energy demand and reducing carbon footprint
FRIDAY, NOVEMBER 18, 2022
Jarupong Krisanaraj
Policies, innovations and collaborations are keys for maintaining future growth and preserving the planet, speakers at the Asia-Pacific Economic Cooperation (Apec) CEO Summit said on Friday.
During the session “Powering Future Growth and Preserving the Planet”, Exxon Mobil low carbon solutions president of Asia Pacific, Irtiza H Sayyed, said enabling policies, innovations and cross-border collaborations are needed to help spur carbon capture and sequestration across the Asia Pacific.
Given the disparity in economic development across the Asia-Pacific, he said flexible agreements are needed to support the supply chain between advanced economies with high emissions of carbon dioxide and developing economies with carbon dioxide storage capacity.
Irtiza H Sayyed
“While advanced economies are able to absorb costs, emerging markets face greater challenges given the impact on economic growth,” he told delegates at Bangkok’s Athenee Hotel.
“We need to strike a balance between growing energy demand and the need to lower carbon footprint.”
Harald Link
Meanwhile, B.Grimm Power president Harald Link said collaboration and partnership are critical to achieve meaningful change in addressing the climate crisis.
“Policy support is also needed to encourage the transition to clean energy,” he said. “We want to reduce greenhouse gas, let’s cooperate.”
Nirandorn Rojanasomsith
PTT Exploration and Production (PTTEP) executive vice president of domestic asset group Nirandorn Rojanasomsith said PTTEP would begin to capture and sequester carbon dioxide emissions in 2025 or 2026, starting with reservoirs in the Gulf of Thailand.
He said fossil fuels are expected to remain the most reliable source of energy for the next 20 years, but would gradually shift as renewable technologies evolve.
“Fossil fuel and natural gas will be with us for another 20 years, in my opinion, because those are the most reliable energy sources,” he said, “But sooner or later, fossil fuel will dry out.”
Want business growth? Boost gender equity, say Apec CEO Summit speakers
FRIDAY, NOVEMBER 18, 2022
Jarupong Krisanaraj
The government and private sectors must improve gender equity to boost sustainable growth in the Asia-Pacific region, speakers at the Apec CEO Summit in Bangkok said on Friday.
Timothy D Dattels, Canada’s Apec Business Advisory Council member, told the session on “Creating Gender Equity to Drive Growth” that the issue had reached a tipping point in his country thanks to Prime Minister Justin Trudeau’s commitment to gender equality within the Cabinet.
“PM Justin Trudeau ran a campaign on gender equality and delivered,” he told delegates at downtown Bangkok’s Athenee Hotel.
He also highlighted the link between gender parity and business performance.
North American companies in the top quartile for gender equity outperform their peers by 27%, he pointed out.
“Organisations need to rethink training, hiring and incentivising structures, particularly to address gaps at the entry level,” he said.
Gita Sabharwal
Meanwhile, United Nations Resident Coordinator in Thailand, Gita Sabharwal, said sustainable development starts by promoting gender equality in organisations.
She said social protection programmes are needed to promote gender equality as many women work in the informal economy where social welfare is lacking.
“In Asia, every other woman works in the informal economy, with low pay, low skills and very little social support,” she said.
She advised upskilling women in information communication technology (ICT) and STEM (science, technology, engineering and mathematics) to allow greater participation in developing industries.
“Financing for female entrepreneurs also should be strengthened to open new opportunities,” she added.
Kasikornbank (KBank) CEO Kattiya Indaravijaya argued that equal opportunities should be offered to women at the education level as well as in the workforce.
“Equality extends not just to women, but also LGBTQ+ identities as well,” she said. “All genders, including LGBTQ+, should have equal opportunities.”
She added that equal opportunity among all genders is crucial to driving sustainable growth.
“When we talk about growth, it is not just about the economy but people’s well-being and happiness,” said the bank chief.
Irtiza H Sayyed
Harald Link
Nirandorn Rojanasomsith
Gita Sabharwal
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