PM backs new free trade area

Thailand will push for a Free Trade Area of the Asia-Pacific (FTAAP) and support efforts to promote a green economy and sustainability.
Prime Minister Paetongtarn Shinawatra attended the Apec Economic Leaders’ Retreat, chaired by Peru President Dina Ercilia Boluarte Zegarra before the closing ceremony of the 31st Asia-Pacific Economic Cooperation meeting in Lima on Saturday.
In her speech, the prime minister said: “The world is facing increasing uncertainty. Thailand, as a promoter of peace and common prosperity, believes Apec serves as a significant platform for deepening collaboration and unlocking substantial economic potential among its members.”
“I am confident that through a concerted effort, members will be able to build a level playing field for all and create new mechanisms to boost trade and investment, which will benefit the people and the world,” she said.
Ms Paetongtarn also outlined her vision for achieving these goals as she emphasised the need to “create opportunities for all” to ensure no one is left behind.
She stressed it is important for Apec members to manage their economies based on a system they mutually agree upon.
The prime minister also reaffirmed Thailand’s readiness to promote regional economic integration through a Free Trade Area of the Asia-Pacific (FTAAP) to promote trade sustainability.
The FTAAP would boost member economies’ capacity by encouraging all stakeholders’ involvement, Ms Paetongtarn said.
She urged Apec to promote physical and digital connectivity across the region, particularly developing digital infrastructure and expanding the Apec Business Travel Card (ABTC) to boost people-to-people contacts and enable the mobility of digital nomads.
Regarding the sustainability issue, the prime minister encouraged Apec members to continue implementing the Bangkok Goals on BCG Economy and urged ambitious targets for the green transition.
She also called for further discussions on carbon credit markets and trade while enhancing food security through better agricultural technology.
During the meeting, three outcome documents were endorsed: The Apec Economic Leaders’ Declaration, The Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific, and the Lima Roadmap to Promote the Transition to the Formal and Global Economy.
The prime minister said she met Apec leaders for talks at the ABAC Dialogue with Apec Economic Leaders meeting to discuss issues including energy, electric vehicles and artificial intelligence.
Several leading companies, including TikTok, Microsoft, and Google, expressed interest in investing in Thailand.
Ms Paetongtarn welcomed Google’s plan to develop a data centre and cloud region in Thailand under a US$1 billion (34.8 billion baht) investment.
The plan is expected to create over 14,000 jobs from 2025 to 2029 and generate approximately $4 billion in economic value by 2029, her spokesman said.