Thailand can use the Asia-Pacific Economic Cooperation (Apec) Summit and its side meeting, the Apec CEO Summit, to forge more cooperation under "mini-free trade agreements" (mini-FTAs) as part of efforts to brace for a global economic slowdown next year, says the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB).
A mini-FTA can boost Thailand's trade and investment faster than a traditional FTA because it focuses on a trade agreement between two cities.
"We believe mini-FTAs can help Thailand expand trade amid a global economic slowdown," said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, a key member of the JSCCIB.
The World Trade Organization expects global trade to expand by 1% in 2023 amid economic uncertainties, he said.
Mr Kriengkrai said he is worried over the impact of the Russia-Ukraine war, high global energy prices and rising inflation on the Thai economy, which is gradually recovering after the easing of the Covid-19 pandemic.
The World Bank warned in September of the possibility of a global recession next year after central banks raised interest rates in response to high inflation.
"Thailand will host the Apec Summit, so it is a good opportunity for us to push forward mini-FTAs, as signing FTAs is time consuming and requires going through more processes," said Mr Kriengkrai.
The Apec CEO Summit is being held as part of the annual Apec Summit, in which 21 leaders of Apec countries are scheduled to gather in Bangkok on Nov 18-19.
Earlier the Commerce Ministry signed memoranda of understanding to form deeper trade partnership through mini-FTAs with Gyeonggi province in South Korea, Telangana state in southern India and Hainan province in southern China.
This year, the Thai economy has been driven by the tourism industry, which is recovering after the reopening of the country late last year.
The number of tourist arrivals is expected to reach 10 million in 2022, said Sanan Angubolkul, chairman of the Thai Chamber of Commerce, also a key member of the JSCCIB.
In September alone, the number of foreign tourists reached 1.3 million.
The JSCCIB maintained its 2022 GDP growth forecast at 3-3.5%, with exports growth of 7-8% and inflation at 6-6.5%.
