Thailand is poised to propose Asia-Pacific Economic Cooperation (Apec) leaders approve the four-year action plan for the Free Trade Area of the Asia-Pacific (FTAAP) during the Apec summit slated for Bangkok in November.
According to Trade Negotiations Department director-general Auramon Supthaweethum, during the Apec ministerial and leaders' meeting in November, Thailand is ready to push for approval of the FTAAP action plan.
"The action plan aims to address the world's economic riddles in terms of trade, investment, innovation and digitalisation. The plan also centres on overcoming trade and investment obstacles to enhance the competitiveness of Apec members," said Ms Auramon.
She said the plan covers issues of mutual interest to member countries, including traditional trade, new trade and economic rehabilitation after the pandemic.
FTAAP comprises the 21 Pacific Rim nations that are part of Apec, a forum created in 1989 to promote free trade in Asia-Pacific.
FTAAP was initially mentioned in a joint statement of Apec trade ministers in 2008. It was again a topic in November 2021 in Apec's Putrajaya Vision 2040 implementation plan.
To achieve the vision, Apec set out three economic drivers -- trade and investment, innovation and digitalisation -- as well as strong, balanced, secure, sustainable and inclusive growth.
FTAAP encompasses an area that is home to 2.9 billion people, accounting for 38% of the global population, with a combined GDP worth US$52 trillion, equivalent to 62% of the world's GDP.
If the action plan materialises, trade volume among Apec member countries would jump by 200-400%, Commerce Minister Jurin Laksanawisit said earlier in May this year.
In 2021, bilateral trade between Thailand and Apec tallied 12.2 trillion baht ($385 billion), representing 71.5% of Thailand's total trade. Thai exports to Apec were valued at 6.1 trillion baht in 2021 ($195 billion), with imports from Apec worth 6 trillion baht ($190 billion).
In the first nine months this year, bilateral trade between Thailand and Apec amounted to 10.7 trillion baht ($314 billion), up 10.7% year-on-year. Thai exports fetched 5.2 trillion baht ($155 billion), with imports worth 5.4 trillion baht ($158 billion).
