The annual meeting of Pacific-rim leaders started in Bangkok on Friday with the focus on taming surging food and energy prices partly driven by Russia’s invasion of Ukraine and realising inclusive and sustainable growth for the region.
Prime Minister and Apec host Prayut Chan-o-cha said he wanted this week’s meeting to discuss how leaders can help transition to sustainable economic growth and development.
The launch by North Korea of what appeared to have been an intercontinental ballistic missile, which fell within Japan’s exclusive economic zone, early Friday, is also likely to draw attention at the two-day summit of the 21-member Asia-Pacific Economic Cooperation forum.
The Apec leaders are expected to address issues of climate change, as well as facilitating free, fair and sustainable trade and investment.
It was unclear whether they wlould be able to issue a post-summit leaders’ declaration, given a rift over Russia’s aggression.
Western countries condemn Russia, but some member economies, such as China, have opted not to sanction Moscow.
Other than that, Apec leaders are expected to agree on issues such as promoting free and fair trade and investment.
They are also expected to find common ground on the importance of transitioning to clean energy while ensuring energy security at the same time.
A day before the opening of the summit talks, ministers from the 21 economies welcomed the Bangkok goals, a post-Covid-19 pandemic growth strategy initiated by the government addressing environmental and climate issues, pledging to urge the Apec leaders to endorse the goals at their gathering.
Despite differences over the Ukraine crisis among member economies, including Japan, the United States and Russia, the leaders plan to adopt “Bangkok goals” for the Bio-Circular-Green Economy concept.
The Apec leaders were also slated for talks with the Apec Business Advisory Council on Friday, the sole official private-sector advisory entity for the Apec leaders’ consultation comprising members from the 21 economies participating in Apec.
Japanese members of the ABAC gave Prime Minister Fumio Kishida their proposal for Asia-Pacific leaders before his departure, urging them to formulate ambitious and practical energy transition plans toward a low-carbon economy based on needs of economic growth, energy resilience and decarbonisation among the forum members.
The Apec gathering is be the last of three summit meetings in Southeast Asia — the Association of Southeast Asian Nations-related summits in Phnom Penh and the Group of 20 summit in Bali, along with bilateral and trilateral talks on the sidelines.
US Vice President Kamala Harris is attending the Bangkok summit in place of President Joe Biden. Russian President Vladimir Putin skipped it, as he did the G-20 summit that ended Wednesday in Bali, Indonesia.
Representing about half of global trade and 60% of the world economy, Apec groups Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the US and Vietnam.
