The Asia-Pacific Economic Cooperation (Apec) 2022 summit held last month was the first global event Thailand had held since the outbreak of the pandemic.
The gathering of the regional economic forum with 21 member economies across the Asia-Pacific region, also returned to an in-person format for the first time since 2018. The 2019 event in Chile was cancelled due to protests being held in that country during that period and the last two editions were held virtually due to the pandemic.
Established in 1989, the Apec grouping is bigger than Asean, the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The Apec bloc makes up about 60% of global GDP and accounts for 47% of the volume of world trade.
The Apec forum is a gathering where the world's leaders and CEOs exchange their perspectives and participate in driving the bloc's trade and economic development, aiming to find a consensus in tackling key trade and business challenges that Asia-Pacific and the world are confronting.
Following the two-day summit, all 21 leaders from Apec member states and economic zones agreed to push the Free Trade Area of the Asia-Pacific (FTAAP), a regional economic integration.
The resolution was one of 23 items agreed upon in the 2022 Apec Leaders' Declaration, when the 29th Apec summit in Bangkok came to a close on Nov 19.
Thailand passes the baton to the United States as the host of next year's Apec summit.
The participation of international business leaders was also said to have brought about an increase in money circulating in the Thai economy, helping to propel the country's economic recovery.
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) estimated that the Apec Summit 2022 would generate 500-600 billion baht in benefits for the Thai economy over the next 3-5 years. This economic value would stem from tourism, cross-border trade and foreign direct investment (FDI).
The tourism sector, which includes soft power, Thai food and culture, is expected to attract an additional 100,000-200,000 foreign tourist arrivals in the short term after they had been inspired by news and information regarding Apec.
Moreover, the positive image generated by Thailand during the meeting would make investors clearly see the country as an investment destination for the bio-, circular, and green (BCG) economy, energy, electric vehicles (EVs), the digital economy, tourism and healthcare, particularly in the Eastern Economic Corridor (EEC).
Against this backdrop, the JSCCIB forecasts that it would attract 600 billion baht worth of FDI over the next 3-5 years.
The JSCCIB also expects the Apec Summit 2022 to increase trade and investment between Thailand and China, especially with regard to fruit and other agricultural products.
