Bangkok, 20 August 2022 (TDI): Permanent Secretary of the Ministry of Foreign Affairs Thailand Thongphakdi held a meeting with Senior officials of the Asia-Pacific Economic Cooperation (APEC).

The Four Ministries were called which included Tourism, Health, women, and Forestry.

Ministers of Tourism Phiphat Ratchakitprakarn and Forestry Varawut Silpa-Archa were present. Moreover, Anutin Charnvirakul Minister of Health also joined.

Aim of the meeting:

The aims and objectives of this meeting were to drive sustainable and rapid economic recovery from COVID-19.

The Economic model based on which the economy will recover is Boston Consulting Group (BCG). It is a Global consulting firm that partners with leaders in business and society to control the economic challenges.

APEC Thailand 2022 is a year-long hosting of Asia-Pacific Economic Cooperation meetings in Thailand scheduled to take place in 2022. Secondly, Thailand previously hosted APEC meetings in 2003 and 1992.

Meanwhile, APEC meetings were distorted by the Covid-19 and the Russia-Ukraine Crisis.

The function of APEC:

The main aim of APEC is to recover economic growth and strengthen economic integration through trade and investment.

Moreover, the Organization also aims to revolutionalize the economic arena through the perspective of innovation, and digital technology for trade and commerce. It works through the mechanism of multilateral trading systems around the globe.

Secondly, APEC functions to vitalize the free trade and agreement for the creation of free trade zones between the countries by removing the trade barriers. The formation of free trade zones will ensure the flow of material which was hindered by the Pandemic.

The pandemic has aggravated trade restrictions such as tariff and non-tariff barriers. However, APEC ensures the safety, efficiency, and resilience of trade in essential medical products.

Through the platform of APEC, Thailand has initiated the conversation on the Free trade Area of the Asia Pacific to make the trade and capital flow healthy.