Thailand will employ 3-pronged economy model for recovery, Jurin tells Apec ministers
Thailand is ready to employ the BCG – bio, circular and green –model to help rebuild the economy, Commerce Minister Jurin Laksanawisit said at the 32nd Apec Minister’s Meeting on Monday.
The Asia-Pacific Economic Cooperation (Apec) summit, which kicked off this week, is being hosted virtually by New Zealand. Apec talks will focus on the region’s economic recovery from the Covid-19 fallout, with a special emphasis on supply chain support and decarbonising.
Jurin said Thailand was focusing on four aspects in its bid to rebuild the economy sustainably, namely:
• Getting businesses and the public ready for the digital economy era by cooperating with Apec members on implementing guidelines related to the internet and digital economy.
Jurin said Thailand has used e-commerce to create trading and investment opportunities, especially for small businesses.
“The value of retail and wholesale trade via e-commerce platforms in 2020 was US$43 billion, up 8.7 per cent year on year, while SMEs were able to boost their trade value up to $47.60 billion or 13 per cent,” he said.
• Thailand is using the BCG Model to boost the potential of local MSMEs (micro, small and medium enterprises). Jurin said Thailand, the host of next year’s Apec Summit, will organise a symposium on the BCG model because trade and efforts to protect the environment must go hand in hand.
• Thailand is ready to support regional economic integration, such as developing an Asia-Pacific free trade area and the Regional Comprehensive Economic Partnership (RCEP). Jurin said Thailand had ratified RCEP on October 28 as “we believe the free-trade agreement will help lift trading barriers and boost the regional economy to grow in the long term”.
• Thailand wants Apec to promote transparency and fairness among countries to ensure everybody has equal access to Covid-19 vaccines and that regulations related to fishery, agriculture and e-commerce are maintained.