Commerce opens APEC Economic Forum BCG Model

Ministry of Commerce Opening of the APEC economic meeting Accelerate the follow-up of tax reductions on IT-environment products, supporting the BCG model

Mrs. Oramon Sapthaweetham Director-General of the Department of International Trade Negotiations Ministry of Commerce revealed that Thailand has officially hosted the APEC meeting. It started with the 1st APEC Senior Officials’ Meeting (SOM) and related meetings. through a remote conferencing system Between 14-25 February last

during which the Department has hosted the meeting The Market Access Group (MAG) monitors the implementation of the World Trade Organization (WTO) Trade Facilitation Agreement of APEC members across 21 economic zones.

Currently, 94.8% of its trade facilitation obligations are fulfilled, such as the publication of rules and regulations on trade transparency measures. Allowing other members to express their opinions before they become effective. Publication of the time it takes to release the product Urgent product release and permission to move goods under the supervision of customs authorities For Vietnam and Papua New Guinea Request time to adjust until 2024, such as pre-processing of customs before the goods arrive.

In addition, the meeting also monitored the progress of 201 tariff exemptions on information technology (IT) products under the WTO by 2023. Currently, 13 APEC members in economic zones such as the United States, Canada, Australia and Japan have successfully completed the process. As for China, South Korea, Malaysia, Philippines and Thailand, all 201 items of IT products tariffs will be reduced in 2023, which will benefit Thailand in the competition of IT products in the world market. For the other 9 economic zones, such as Brunei, Chile and Mexico, have not yet joined. Reducing tariffs on IT products in the framework of WTO

and the Department also Hosted a meeting of the Working Group on Services (GOS) to support trade and investment promotion. and sustainable growth, such as service projects that support marine waste disposal Service projects related to the environment and logistics service projects for the movement of essential goods and as Thailand hosts the APEC meeting has given importance to the advocacy of bio-economic policies circular economy and the Green Economy (BCG), which is well supported by APEC members.

APEC is an Asia-Pacific cooperation framework with 21 member economies: Australia, Brunei Darussalam, Canada, Chile, China, China Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, China Taipei, Thailand, the United States and Vietnam.

In 2021, Thailand’s trade with APEC is worth more than $385 billion. accounted for 71.5 percent of Thailand’s trade with the world. The Thai exports to APEC worth more than 195 billion US dollars. accounted for 72% of Thailand’s total exports. and imported from APEC worth 190 billion US dollars. accounted for 71% of Thailand’s total imports.