Bangkok, 27 February 2022 (TDI): Senior representatives from 21 participant economies propel forward Asia Pacific Economic Cooperation’s (APEC) effort to revive the regional economic integration the theme of “Open. Connect. Balance”.
APEC Officials Conference 2022
Through the first APEC officials’ conference in 2022, participant economies reflected approaches for uplifting the debates on the Free Trade Area of the Asia-Pacific (FTAAP). These remarks are supported by Thailand’s Permanent Secretary of Foreign Affairs, Thani Thongphakdi. He held the Chair of 2022 APEC Senior Officials.
In this line, the APEC Commission on Trade and Investment will transmit the conversation on FTAAP and Covid-19 forward, with a planned devoted session.
In this regard, on 15 March, a public-private dialogue in the restrictions of the APEC Ministers responsible for the Trade Conference in May took place. This is in partnership with the AEEC Business Advisory Council.
Previous Non-Officials Meetings Arrangements
Besides that, APEC officials meeting on 24 February 2022 also showed their efforts towards food safety, security, and supportable agriculture growth in the Asia-Pacific region.
In addition, officials reiterated the importance of trade as a route towards financial recovery. They also emphasized their solid sustenance for the role of the multilateral trading system with the World Trade Organization (WTO).
Besides that “the APEC can build good momentum for the substantive and meaningful outcomes of the 12th Ministerial Conference (MC12) rescheduled for this June,” Thani pointed out.
This he said, “includes on issues of trade, health, environment, agricultural, fisheries subsidies, and the WTO reform.”
APEC Improvement Trajectory
Besides, according to a report by the Asia Pacific Economic Cooperation Policy Support Unit, APEC’s share of entire global facilities exports has weakened from 38.8 percent in 2016 to 38.1 percent in 2019.
It has also reduced its trajectory and has to ramp up services exports quickly. That is why the Forum desires to increase its worldwide share of services export by 2025.
In addition, amenities are critical for many economies as they deliver the majority of economic output and employment. For this reason, APEC needs to shape momentum to safeguard an open and foreseeable environment for access to services markets.
Finally, senior representatives concluded their first meeting of the year and will arrange it again in May this year in Bangkok, Thailand.
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