On March 4-5, 2024, the Republic of Peru, as the APEC 2024 host, organized the APEC Economic Committee (EC) Meeting 1/2024, which was part of the First Senior Officials’ Meeting (SOM1) held from February 29 to March 8, 2024, in Lima, Republic of Peru. Mr. Thatchai Keerapongpaiboon, Director of the International Strategy and Cooperation Division, NESDC, represented Thailand at the Economic Committee meeting and related meetings. The key meeting outcomes are as follows:
1. APEC Economic Committee Meeting 1/2024
The EC meeting discussed regional economic trends, which continue to face various challenges, such as financial stability due to rising debt, higher interest rates, aging society, slowing productivity growth, and climate change. The committee jointly explored ways to address these challenges through various EC mechanisms, including the Friends of the Chair (FotC) initiatives and the Enhanced APEC Agenda for Structural Reform (EAASR). The meeting also discussed the APEC 2024 host’s priority issue of transitioning from informal to formal economy. NESDC, as Thailand’s EC representative, participated in discussions and shared experiences regarding Thailand’s informal economy situation and presented three approaches for transitioning from informal to formal economy: (1) Reducing hidden costs from the informal economy through transition to data-driven economic zones, using data-based policy-making for efficient resource allocation; (2) Promoting Micro, Small and Medium Enterprises (MSMEs) formalization through appropriate incentives and privileges to enhance MSMEs’ competitiveness; and (3) Addressing informal debt and improving citizens’ income through debt mediation, reviewing credit system structure and credit guarantee systems to ensure sustainable public access to credit and debt management.
Additionally, the EC meeting discussed the APEC Economic Policy Report (AEPR) 2024, which will focus on Structural Reform and Financial Inclusion. The report aims to promote structural reforms that support financial inclusion as a key component of sustainable, resilient, and inclusive economic growth. NESDC, as Thailand’s lead agency for EC, will coordinate efforts to ensure the report provides policy recommendations that are beneficial and aligned with Thailand’s operations.
2. Other Related Discussions During EC Meeting 1/2024
NESDC officials participated in the Joint Workshop between APEC Economic Committee (EC) and Group on Services (GOS), where both groups discussed various issues including the role of structural reform in driving economic growth and regional integration, service sector innovation, the importance of digital transformation and data access, policy changes in the service sector and their connection to structural reform, as well as challenges in managing policy changes. The workshop included a simulation of maritime transport sector restructuring, where members exchanged views and recommendations on topics such as using empirical evidence for policy decisions, finding common ground among stakeholders in reform, and reducing legal and regulatory barriers.
Additionally, NESDC officials attended a policy dialogue on the Implementation of the APEC Collaborative Framework for ODR, discussing issues related to implementing the APEC cooperation plan for online dispute resolution, including opting into the cooperation framework and using ODR processes for Business to Customer (B2C) disputes. NESDC is currently gathering necessary information and consulting with relevant domestic agencies regarding the position and approach to participating in this framework, with primary consideration given to Thailand’s benefits.
Strategy and International Cooperation Coordination Division
Office of the National Economic and Social Development Council
