APEC Economic Leaders' Meeting highlights sustainable growth, trade

BANGKOK, Nov. 18 (Xinhua) -- Leaders of the Asia-Pacific Economic Cooperation (APEC) economies met here on Friday to discuss ways to promote sustainable development and facilitate trade and investment.

Addressing the 29th APEC Economic Leaders' Meeting, Thai Prime Minister Prayut Chan-o-cha said that the leaders would exchange views on supporting economic growth and sustainable development, leading the region towards a better future.

Making its Bio-Circular-Green (BCG) economy model high on the agenda, Thailand hopes it would further promote sustainable development and environmental protection goals, said Prayut, chairman of the meeting.

"As host of APEC 2022, Thailand introduced the BCG economy model into the APEC's conversation as an approach to achieving sustainability and climate objectives. With the BCG Economy concept as the basis, Thailand initiated the Bangkok Goals on BCG Economy as a signature deliverable for APEC leaders in 2022," he said.

Considering the Bangkok Goals as a comprehensive framework to advance APEC's sustainability, Prayut said it would cover four sectors, namely supporting climate change efforts, progressing sustainable trade and investment, advancing environmental conservation and improving resource efficiency towards zero waste.

He looked forward to the endorsement of the Bangkok Goals, which he believed will be a legacy of APEC 2022.

Prayut also hoped that the meeting participants could find ways to let the BCG Economy help translate the vision and direction laid out in the Putrajaya Vision 2040 and the Aotearoa Plan of Action into concrete actions towards a sustainable growth trajectory for all the people and future generations.

The Bangkok meeting is the first in-person gathering of the APEC economic leaders since 2018, which was held under the theme of "Open, Connect, Balance" -- to open to all opportunities, to connect in all dimensions and to balance in all aspects.

APEC, established in 1989, is a premier regional economic forum with an aim to support sustainable economic growth and prosperity in the Asia-Pacific region.

The leaders met as the global economic recovery is facing multiple challenges of rising inflation, geopolitical tensions, climate change and the COVID-19 pandemic.

With nearly 40 percent of the world population, the 21 APEC member economies account for about half of global trade and over 60 percent of the world's total gross domestic product.