Interview: Closer cooperation to lead APEC towards sustainable recovery, says Thai top business advisor

BANGKOK, Nov. 16 (Xinhua) -- The Asia-Pacific Economic Cooperation (APEC) economies should further enhance cooperation, promote free trade and connectivity, and support a sustainable recovery in the region and beyond, said 2022 APEC Business Advisory Council (ABAC) Chairman Kriengkrai Thiennukul.

APEC economies should avoid political interference, and stay committed to openness, inclusiveness, free trade and connectivity, Kriengkrai said during an exclusive interview with Xinhua before the APEC Economic Leaders' Meeting.

OPEN, CONNECT, BALANCE

Thailand is the host of APEC 2022, with the theme of "Open, Connect, Balance." On Nov. 18-19, the 29th APEC Economic Leaders' Meeting will be held in Bangkok, which will be the first such in-person meeting since 2018.

Elaborating on the theme, Kriengkrai said "Open" means openness and remaining open to all opportunities, adding that "trading together requires freedom, fairness and transparency in every aspect."

For "Connect", he said the 21 APEC economies combined account for about 60 percent of the world's total economy. "If the 21 economies are connected to one another and cooperate, it will unleash big power," he said.

In terms of "Balance", it means "we have to balance our performance, and strike a balance between economic growth and environmental protection for sustainable development."

Speaking of this year's ABAC Report to APEC Economic Leaders, Kriengkrai said it contains ABAC's recommendations in response to the unprecedented economic crises faced by the Asia-Pacific region, which arose from COVID-19, geopolitical risks, as well as inflation and supply chain disruptions.

According to the report, ABAC calls on APEC members to implement new monetary policies to keep inflation under control, confront the food security crisis, accelerate regional economic integration, develop a collective response to climate change and take urgent action to invigorate the multilateral trading system to achieve speedy and sustained recovery and regain the momentum for sustainable, inclusive and resilient growth.

Kriengkrai underscored three urgent challenges, namely high inflation, food insecurity and climate change, which require concerted efforts from APEC economies to improve people's well-being and ensure stable and sustainable development.

In the past few years, the impact of COVID-19 and geopolitical tensions has weighed on regional development. Kriengkrai also urged APEC members to avoid political interference, stay committed to the rules of APEC and ABAC, namely openness and inclusiveness, and promote free trade as well as facilitate digital connectivity.

CHINA, GROWTH ENGINE FOR REGION, BEYOND

As one of the APEC economies and the world's second-largest economy, China has massive economic power and has been a driving force not only for the region but also for the entire world, Kriengkrai said.

Being one of the world's main growth engines, he believed that China's stable development is especially important for the world's economic recovery amid an increasingly dimming global economy due to lingering COVID-19 pandemic and rising inflation.

The 63-year-old Kriengkrai also serves as the chairman of the Federation of Thai Industries. Because of the close economic ties between Thailand and China, he paid regular visits to China and has been impressed by the country's progress over the past decades.

"I saw positive changes on my every visit to China," he said.

"Every time I went to Shenzhen (a special economic zone in southern China) since the very first time, I could feel the excitement of the city's rapid development. During the past 40 years, China has overcome obstacles and ranked among the world's leaders in every aspect. This is amazing," added Kriengkrai.