The Free Trade Area of the Asia-Pacific (FTAAP) that will be discussed at the 2022 APEC Ministers Responsible for Trade Meeting (MRT) could push the trade value between member economies up by at least 200 percent. The meeting is taking place from today to this Sunday in Bangkok.
Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said that the meeting will be attended by members of 21 economic areas. The session forms an integral part of the APEC summit to be held in November.
According to Minister Jurin, the meeting agenda will focus on a plan to transition APEC into the Free Trade Area of the Asia-Pacific (FTAAP) by the year 2040.
Jurin said that, if successful, the deal will become the biggest FTA in the world with 2.9 billion people or 38% of the world population taking part and more than 52 trillion US dollars worth of combined products being offered. The deal would push trade value up by 200 to 400 percent.
Minister Jurin said the meeting would also adhere to the BCG (Bio-Circular-Green) economic model to help drive forward micro-SMEs. These operators are considered the roots of the Kingdom’s economic development.
Thailand will also hold bilateral talks with the US, Russia, Canada, Japan, Hong Kong, and China.