Kingdom readies itself to lead Apec

Digitisation, global economic challenges and the tensions between the United States and China were topics discussed among experts as Thailand prepares to assume the Asia-Pacific Economic Cooperation (Apec) chair in 2022.

Cherdchai Chaivaivid, directorgeneral of the Department of International Economic Affairs, yesterday told the Bangkok Post that the experts held their first Apec Focus Group (AFG) meeting on July 14 to prepare for the chairmanship.

The group included Narongchai Akrasanee, former commerce minister; Pichet Durongkaveroj, society minister; and Chartsiri Sophonpanich, president of Bangkok Bank. The AFG meeting was chaired by Anusorn Chinwanno, director of the Devawongse Varopakarn Institute of the Ministry of Foreign Affairs.

During the discussion, AFG members agreed that the world is facing imminent challenges including adapting to the “new normal” and deteriorating international trade and economic environments brought about by increasing US-China tensions, Mr Cherdchai said. There is a likelihood that “geo-technological” rivalry will occur, “neo-nationalism” will rise and an economic recession caused by Covid-19 will happen, he added.

The AFG also discussed ways to harness digitisation, while managing challenges posed by disruptive technologies. The group also noted the need to ensure that people and society are “future-ready”, Mr Cherdchai said.

Covid-19 has helped accelerate digitisation and the absorption of digital technologies. Developing economies like Thailand’s should continue to be engaged and be part of the “rulemaking” process which will govern the digital economy in the future, he said.

Apec is the world’s largest regional economic bloc, representing about 60% of the world’s GDP in 2018.