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APEC Economic Leaders Week: Free Trade Area of Asia Pacific on the agenda

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APEC

APEC leaders meeting involving the 21 member nations on 18-19 November will discuss a wide gamut of issues including Free Trade Area of Asia Pacific (FTAAP) which is crucial for the region’s thriving economies, which are majorly exporting economies.

The Economic leaders will be meeting as part of the APEC Economic Leaders Week which will be held from 14-19 November.

The APEC nations believe that world is moving away from protectionist economic policy and the Free Trade Agreements are the future of bilateral trade. Also, the recent Regional Comprehensive Economic Partnership (RCEP) has created a path for more accessible trade relations among these Asia Pacific nations.

Thailand is the host of this important gathering for the year 2022, and since March 3rd, several meetings have been taking place in this South East Asian Nation. The theme for this year’s conference will be “Open. Connect. Balance”. The significant agendas on the table this year will revolve around a sustainable and green economy, Quality of life for women, and free trade agreement of Asia Pacific. Thailand is marketing its flagship program of Green Economy, which is also called Bio Circular Green Economy, which is a process of creating Renewable resources and converting them into Value Added Products. The circular economy signifies the process of reusing and recycling resources bringing the economy, environment, and society to Harmony.

Another essential aspect discussed in the meeting will be the upliftment of the Quality of women—Thailand, like other Eastern Tigers, to become a developed economy. Women are half the population of nearly every country, so they need to be economically uplifted. The role of women in developing the country’s economy is also crucial. Thailand is also trying to create a workforce out of less educated women by providing them with proper training.

Since its inception in 1989, APEC has been a vital group focussing on economic development and partnership among the nations of Asia Pacific and ring of fire Nations. The organization has 12 founding members, and nine other members joined it in the upcoming years, Vietnam being the last addition in 1998. Three of the top 5 economies of the world USA, China, and Japan, are active members of APEC.

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