Will APEC Reconnect Asia and Pacific in Thailand

On 18-19 November 2022, the economic leaders of APEC met first time in four years in Bangkok. Apec summits tackle issues as free trade, data privacy and climate change.

In Bangkok, the leaders unite under the APEC theme ” Open, Connect, Balance”. They declared to advance work through three priorities: to be open to all opportunities, connected in all dimensions, and balanced in all aspects to advance long term robust, innovative and inclusive economic growth in the Asia-Pacific region.

APEC

The Asia-Pacific Economic Cooperation (APEC) is an alliance between 21 economies bordering the Pacific Ocean. Among Apec’s 21 members are some of the world’s largest economies like China, Japan and the US, but also much smaller ones like Myanmar, Papua New Guinea and Peru. Apec was first introduced in 1989, with the aim to support sustainable economic growth.

Post Pandemic Recovery

In order to achieve post covid-19 recovery, they discussed to drive growth-focused structural reform, inclusive and sustainable. Micro, small and medium sized enterprises (MSMEs) and startups were more discused.

Rising Inflation Issue

World’s largest economies like USA, China, Japan and developing countries like Myanmar, Thailand, and Peru are the members of APEC. When there are high rising interest rates in largest economy, high inflation in developing nations, developing nations economy will suffer the most. They did try to resolve the issue.

Food and Energy Security Issue

Many leaders raised the issue of food and energy security in the region. Due to global warming, some part of the globe is facing the drought and frequent flood. Due to interupted seasonal rain and water scarcity, production of wheat and rice decline. Europe is facing interupted food supply chain due to Russia-Ukrain war.

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Climate Change Issue

Countries bordering the Pacific oceans, like Peru, Papua New Guinea are facing the rising sea level due to climate change. Frequent rain and flood halt their economies for months. Disaster management and reconstruction after flood will further burden the developing nations.

APEC leaders Condemn the Russia’s invasion of Ukrain, and they will cooperate to resolve the issue in future. Will they solve rising inflation, global food security issue and will help each other to implement the COP27 agreement. People in the Asia and Pacific are still waiting for the change on the ground.