Thailand Supports the Idea of the Convergence of Free Trade Agreements

(10/09/2012)

Prime Minister Yingluck Shinawatra has reaffirmed Thailand's support for the idea that the convergence of free trade agreements could be a path toward the FTA of the Asia-Pacific, which would be best reached through a combination of bilateral and regional FTA building blocks. During her visit to the Russian Federation for the 20th Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting on 8-9 September 2012, the Prime Minister shared her concern with other APEC leaders that a weaker global economy might lead to a rising trend of protectionism, but even so, APEC economies should avoid using measures that might act as barriers to trade and investment and should also promote domestic consumption. According to a report from the Ministry of Foreign Affairs, the Prime Minister urged APEC members to work together to create and maintain high employment to ensure that APEC continued to be a sustainable engine of global growth. She underscored connectivity as the key to enhancing supply chains and regional integration, and expressed Thailand's goal to be a logistics hub linking Southeast Asia, APEC, and beyond. She pointed out that a new rail system from Southeast Asia to China and Russia could greatly expand connectivity in the region. She also called for APEC to intensify work on the soft side of connectivity, in such areas as common standards, rules, and regulations, in order to achieve efficient flows of goods and services. Prime Minister Yingluck urged APEC to look beyond the Asia-Pacific region in order to contribute more to global growth. She believed that regional integration could ensure sustainable growth and support global economic recovery. She suggested that the G20 process be more inclusive and address key policy issues such as building a strong international financial and economic framework, reforming international financial institutions, and addressing the needs of the developing world. Prime Minister Yingluck reiterated Thailand's commitment to promoting fair and open trade in food to ensure that people have sufficient access to quality food at fair prices at all times. She supported the sharing of reliable and up-to-date information on production, consumption, and food reserves in order to limit the impact of food price volatility. The Prime Minister stated that, as the world's top food producer and exporter, Thailand would play an important role in addressing threats to food security. She encouraged APEC economies to work together in research and development on environmentally friendly food production. She also promoted new innovation in post-harvest management and logistics to help ensure sufficient food delivery and efficient food storage. The Prime Minister also stressed Thailand's role as the world's food production house and its readiness to reach out to those in need in times of emergencies and crises, not only by providing food but also through other forms of emergency assistance, to countries in the Asia-Pacific region and beyond. She called on APEC to promote women's economic contribution by empowering them with information and IT skills and equipping them with necessary skills to realize their full potential. At the end of the meeting, Prime Minister Yingluck announced Thailand's intention to host APEC in 2022.