Asia St: What Thailand’s APEC 2022 Priorities Mean for Business

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What Thailand’s APEC 2022 Priorities Mean for Business

June 3, 2022

The BGA Thailand Team led by Managing Director Teerasak Siripant wrote an update to clients on Thailand’s APEC 2022 priorities and what they mean for business.

Context

  • (Photo Credit: @APEC).

    Thailand in May concluded over 30 meetings, roundtables and discussions related to the Asia-Pacific Economic Cooperation (APEC) grouping. Notable engagements included the Second Senior Officials’ Meeting from May 9-19 and the Ministers Responsible for Trade Meeting and Dialogue with the APEC Business Advisory Council from May 21-22.

  • Three main issues were prioritized for discussion: the Free Trade Area of the Asia-Pacific (FTAAP), facilitation of cross-border travel and Thailand’s Bio-Circular-Green (BCG) economic model. However, several deliverables are still in the pipeline and will likely be completed before the third Senior Officials’ Meeting in August.

Significance

  • Thailand emphasized the need for regional post-pandemic economic recovery under the theme of “Open. Connect. Balance.” The theme highlights Thailand’s interest in new regional trade opportunities, reinvigorating the tourism industry and promoting its BCG economic model for sustainability.
  • The Bank of Thailand plans to spearhead the cross-border payment policy recommendation between central banks ahead of the APEC Finance Ministers’ Meeting from October 19-21. Thailand also intends to lead a discussion regarding digital finance adoption among APEC members.

Implications

  • Companies can expect Thailand’s priorities to create foreign investment opportunities within the BCG model as the country tries to recover its tourism industry and strengthen its health and agriculture and food security sectors.
  • Thailand will use APEC initiatives to prioritize digitalization and technologies to enhance the performance of its digital economy as well as the tourism, health, agriculture and finance sectors.

BGA will continue to keep you updated on developments in Thailand as they occur. If you have any comments or questions, please contact BGA Thailand Managing Director Teerasak Siripant at tsiripant@bowergroupasia.com.