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Thailand urged to beef up cooperation under mini-FTAs at APEC meetings

Thailand can use the Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting and the APEC CEO Summit, to step up cooperation under "mini-free trade agreements" (mini-FTAs) as part of efforts to brace for a global economic slowdown next year, according to the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB).
Thailand urged to beef up cooperation under mini-FTAs at APEC meetings ảnh 1Illustrative image (Photo: Internet)

Bangkok (VNA) – Thailand can use the Asia-PacificEconomic Cooperation (APEC) Leaders' Meeting and the APEC CEO Summit,to step up cooperation under "mini-free trade agreements"(mini-FTAs) as part of efforts to brace for a global economic slowdown nextyear, according to the Joint Standing Committee on Commerce, Industry and Banking(JSCCIB).

Kriengkrai Thiennukul, Chairman of the Federationof Thai Industries, a key member of the JSCCIB, said a mini-FTA can boost Thailand's trade and investment faster than atraditional FTA because it focuses on a trade agreement between two cities.

In September, the World Bank (WB) warned of thepossibility of a global recession next year after central banks raised interestrates in response to high inflation.

Meanwhile, the World Trade Organisation (WTO) expectsglobal trade to expand by just 1% in 2023 amid economic uncertainties.

Earlier, the Commerce Ministry of Thailandsigned memoranda of understanding to form deeper trade partnership through mini-FTAswith Gyeonggi province of the Republic of Korea, Telangana state of India and Hainan province of China.

JSCCIB maintained its 2022 GDP growthforecast at 3-3.5%, with exports growth of 7-8% and inflation at 6-6.5%./.

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