On August 21-22, 2024, the Republic of Peru, as the host of APEC 2024, organized the 2nd APEC Economic Committee (EC) Meeting of 2024, which was part of the Third Senior Officials’ Meeting (SOM3) held from August 12-25, 2024, in Lima, Republic of Peru. Mr. Thatchai Keerapong Paiboon, Director of the International Strategy and Cooperation Division, NESDC, represented Thailand at the Economic Committee meeting and related meetings. The key points of the meeting are summarized as follows:
1. The 1st APEC Economic Committee Meeting of 2024
The EC meeting discussed the APEC Economic Policy Report (AEPR 2024) on the topic of Structural Reform and Financial Inclusion. The objective is to promote structural reforms that support financial inclusion as a crucial component of sustainable, resilient, and inclusive economic growth. The Policy Support Unit (PSU) presented the key points of the draft report, which can be summarized as follows: (1) Financial inclusion is important for economic growth (2) Financial inclusion helps enhance the economic potential of groups with untapped economic potential and (3) Financial inclusion in the APEC region The study found that APEC member economies have taken actions to increase financial inclusion through the design of financial products that meet specific group needs, providing these products through state financial institutions or government-led initiatives. Additionally, PSU presented policy recommendations, which can be summarized as follows: (1) Expanding access to financial services (2) Creating inclusivity in financial access and (3) Promoting the utilization of financial services with a focus on enhancing financial literacy and supporting entrepreneurial opportunities
The EC meeting also discussed the topic for AEPR 2025, which will be prepared on the subject of Structural Reform and Transition to the Formal and Global Economy. It emphasized the importance of structural reform for the transition to the formal and global economy to support strong, balanced, secure, sustainable, and inclusive growth. The NESDC, as the main responsible agency for EC on the Thai side, will coordinate efforts to push for policy recommendations in the report that will be beneficial and consistent with Thailand’s operations.
Furthermore, the EC meeting discussed the process of developing a new structural reform agenda, which will consist of 4 main pillars. It was proposed to name this document the Strengthened and Enhanced APEC Agenda for Structural Reform (SEAASR) to serve as a guideline for structural reform operations from 2026 to 2030. It comprises 4 main pillars covering various issues, including: (1) Open, transparent, interconnected, and competitive markets (2) Business-friendly environment, including a focus on the service sector (3) Innovation and digitalization and (4) Inclusivity In the next steps, the core working group will collaborate with PSU to study and draft this document for approval by the EC meeting before presenting it to the APEC Senior Officials’ Meeting and seeking final approval at the APEC Ministerial Meeting on Structural Reform during APEC 2025.
2. Other related discussion activities during the 2nd EC Meeting of 2024
NESDC officials attended the 17th Good Regulatory Practice (GRP) Meeting aimed at providing a forum for exchanging information and best practices on regulations that promote policies for transitioning from the informal to the formal economy. It focused particularly on the role of quality regulation in promoting competition and productivity, using GRP to improve regulatory oversight, and enhancing the capacity of practitioners to implement GRP guidelines to address new regulatory challenges. At this meeting, Thai representatives from the Office of the Council of State (OCS) were invited to present and share good experiences with member economies on two topics: (1) Technological tools and innovative resources that support international legal cooperation where Thailand presented its experience in developing the central legal system (law.go.th) as a channel for receiving opinions on laws to improve draft legislation to address societal issues effectively, and (2) Legal development and principles of good law to support the transition to the formal and global economy: Lessons from the impact of laws on the formal economy and competitiveness where Thailand presented its experience on the quality of laws and obstacles for small and medium-sized businesses entering the formal sector, as well as improving law quality through GRP mechanisms to reduce such obstacles, using the case study of hotel business licenses.
Additionally, NESDC officials participated in a workshop on APEC Gender and Structural Reform to Advance Just Energy Transitions to enhance knowledge about opportunities to apply structural reforms to elevate energy transition, exchange policy information and projects that support inclusivity and gender equality, as well as promote the role and participation of women and groups with untapped economic potential in the transition to a green economy to support sustainable growth.
Strategy and International Cooperation Coordination Division
Office of the National Economic and Social Development Council
