economy and politics

The second week of the 3rd APEC Senior Officials Meeting

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The second week of Third APEC Senior Officials Meeting (SOM3), to be held in Chiang Mai, will be marked by many important APEC sub-forum discussions to promote free and open trade and investment in the Asia-Pacific region.

Topics to be discussed and objectives

Particular attention will be paid during the meetings to driving sustainable economic recovery from the COVID-19 pandemic, which is one of the key priorities of APEC 2022, under the theme “Open. Connect. Balance”, with the Bio-Circular-Green Economy Model (BCG) as a global thought.

One of the most important agendas for trade and investment in SOM3 is to continue the renewed conversation on the Free Trade Area of ​​Asia-Pacific (FTAAP) in the post-COVID-19 context.

Building on the successful outcomes of the APEC Trade Ministers’ Meeting (MRT) in May 2022, the Committee on Trade and Investment (CTI) will convene a meeting on August 26-27 to discuss the development of the trade plan. multi-year work of the FTAAP, with a view to presenting it for approval at the APEC Ministerial Meeting in November.

During the meetings, special attention will be paid to promoting sustainable economic recovery from the COVID-19 pandemic

The FTAAP multi-year work plan will be a major achievement of APEC 2022. It will establish a long-term framework for APEC to further advance the FTAAP agenda, with the goal of promoting a free and open economy in Asia-Pacific that offers opportunities for trade and investment for all.

The CTI will also discuss the FTAAP’s capacity building programs, aimed at bridging the gap between APEC member economies at different stages of development. CTI experts will plan a series of work programs to exchange knowledge, best practices and experiences among APEC members on important issues related to advancing regional economic integration, such as solid waste trade regulation for economic sustainability , promoting the participation of MSMEs in electronic commerce and on regulatory procedures for low-value shipments.

3rd APEC Senior Officials Meeting

Dialogues and informative workshops

The exchange of knowledge and experiences is a vital mechanism for APEC to play its role as an incubator of ideas leading to sound economic policy options.

At SOM3, many APEC sub-forums will host workshops and dialogues for key stakeholders, including business, academia and international organizations, to discuss various topics that help promote a sustainable and inclusive economic recovery.

For example, last week, the APEC Investment Expert Group organized a workshop on government strategies to promote sustainable infrastructure. This week, the APEC Services Group will host a dialogue on women and services to promote inclusion in this sector. It will also host a public-private dialogue on logistics services to exchange views on the challenges faced by companies operating in this sector, including express delivery, maritime transport, air transport and port operations.

The exchange of knowledge and experiences is a vital mechanism for APEC to play its role as an incubator of ideas

These workshops and dialogues provide first-hand experiences from the private sector, which in turn enables APEC policymakers to respond to their real needs and address their challenges effectively.

Under the APEC 2022 “Open” priority, Thailand aims to open the region to all trade and investment opportunities, where all companies can benefit from a more open and conducive business environment. The FTAAP agenda and its multi-year work plan, which is the main outcome of this priority, will help advance APEC’s Putrajaya 2040 Vision for an open, vibrant, resilient and peaceful Asia-Pacific community.





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