Thailand will advocate a Free Trade Area of the Asia-Pacific (FTAAP) that focuses on sustainable growth and innovation during the Apec summit in Peru next week, according to the Ministry of Foreign Affairs.
Prime Minister Paetongtarn Shinawatra and Foreign Affairs Minister Maris Sangiampongsa are scheduled to attend the 30th Apec Summit in Lima from Nov 14 to 16.
The summit will be held under the theme “Empower. Include. Grow”. It corresponds to the Thai government’s policy of increasing and expanding economic opportunities for the Thai people, said ministry spokesman Nikorndej Balankura.
The Thai government will use the opportunity to push for the advancement of an FTAAP, a concept initially proposed by the Apec Business Advisory Council (Abac) in 2004. It emphasises sustainable growth, innovation and inclusivity, which will also promote economic improvement through the use of technology and innovation.
The FTAAP would help promote one of Thailand’s strengths by opening the region to all trade and investment opportunities, where all businesses could benefit from a more open and conducive environment, according to the ministry.
When Thailand hosted the Apec summit in 2022, the FTAAP agenda and its multi-year work plan was launched. It contributed to advancing the Apec Putrajaya Vision 2040 for an open, dynamic, resilient and peaceful Asia-Pacific community.
At this year’s summit, Ms Paetongtarn will attend a reception with business leaders before holding discussions with the abac and joining related activities.
The prime minister will hold bilateral talks with the leaders of Latin American countries, including Peruvian and Chilean economic leaders, to explore investment and trade opportunities, Mr Nikorndej said.
The government is looking to expand economic relations in Latin America, which is a large market and presents huge potential for Thai investors.
The government will also use this chance to promote people-to-people exchanges through the soft power, he said, adding that the Thai delegation is scheduled to meet representatives from TikTok, Microsoft and Google.
Before the Apec Summit, Ms Paetongtarn will travel to Los Angeles to chair a meeting of Thai ambassadors and diplomats from Nov 11-13.