Macroeconomics/APEC in San Francisco

Chatrudee Theparat

The U.S. city of San Francisco will host the leaders' meeting of the Asia-Pacific Economic Cooperation (APEC) forum next year.

Prime Minister Prayuth Chan-ocha handed over the chair of APEC to the United States for 2023, signalling the forum's end for this year.

"I'm happy to hand over the chairmanship to U.S. We are ready to conduct a seamless cooperation with them," Gen Prayut said, handing to the US’s Vice President Kamala Harris a "chalom", a woven bamboo basket used to carry goods, fruits and gifts in Thailand.

The U.S. city of San Francisco will host the leaders' meeting of the Asia-Pacific Economic Cooperation (APEC) forum next year.

“It is my pleasure to announce that, as part of the United States’ 2023 Asia-Pacific Economic Cooperation (APEC) Host Year, we will convene the APEC Leaders Meeting in San Francisco, California, the week of November 12. President Biden and I look forward to welcoming APEC Leaders to San Francisco next year and to a successful meeting where we will promote economic growth and prosperity for the American people, and people throughout the Indo-Pacific region.” Vice President Kamala Harris said in a statement.

She said that as I told APEC Leaders in Bangkok, Thailand, at the 2022 APEC Leaders Meeting, there is no better place to host APEC 2023 than California, a state known for economic innovation.
In a related development, Asia-Pacific leaders adopted Bangkok Goals for sustainability
Asia Pacific Economic Cooperation leaders adopted “Bangkok Goals” for bio-circular-green (BCG) economy and a post-Covid-19 pandemic growth strategy that addresses environmental and climate issues.

The declaration, adopted after two days 29 th APEC Leaders Summit meeting, met in person for the first time in four years in Bangkok.

“This year, under the APEC theme “open, connect, balance.”, we advance work through three priorities: to be open to all opportunities connected in all dimensions, and balanced in all aspects, to advance long-term robust, innovative and inclusive economic growth as well as sustainability objectives”, according to an APEC statement.

The Bangkok Goals covered efforts in responding to the Covid-19 pandemic and mitigation its impact to people and economies to promote health and wellbeing; the war in Ukraine further adversely impact to global economy and deplores in the strongest terms the aggression by the Russian against Ukraine and demands its complete and unconditional withdrawal ; recognising that APEC is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy.

APEC’s cooperation will contribute to practical solutions for common challenges and complement global efforts including the UN 2030 Agenda for Sustainable Development and coordinate APEC-wide actions on sustainability through the Bangkok Goals on bio-circular-green (BCG) economy.

APEC will continue to work to ensure a level playing field to foster a favourable trade and investment environment and reaffirm a commitment to keep markets open and to address supply chain disruptions.
Recognising the useful contributions of the Lima declaration and the Beijing Roadmap on progressing the Free Trade Area of the Asia-Pacific (FTAAP) agenda, we welcome the advancement of this agenda this year through a refreshed conversation on the FTAAP in the COVID-19 pandemic and beyond. APEC will continue to build on this momentum towards high quality and comprehensive regional undertakings through the FTAAP agenda work plan.

At the same time, APEC will further strengthen an engagement with stakeholders, including the APEC Business Advisory Council (ABAC) and increase public-private sector dialogues.

In order to achieve post-COVID-19 economic recovery, it is a priority to drive growth-focused structural reform that is designed to be inclusive, sustainable, and innovation-friendly.

APEC recognizes the urgency of enhancing the competitiveness of the services sector, especially travel, transport, and other services that have been hit hardest by the COVID-19 pandemic and reiterate the commitment to accelerate work in response to the APEC services

Macroeconomic and structural policies are vital to tackling rising inflation, ushering in sustained economic recovery, and raising living standards in the region.
To reaffirm the importance of sustainable financing, capacity building, and technical assistance for innovation and growth as well as for addressing all environmental challenges, including climate change.

To continue to advance digital tools to facilitate economic activities and the provision of public services, including the delivery of assistance and stimulus packages to the people, and to drive financial inclusion.