The 29^th APEC Economic Leaders’ Meeting concluded today, which officially wrapped up APEC 2022 Thailand under the theme “Open. Connect. Balance.”. During 18-19 November, APEC Economic Leaders and their representatives concurred that the BCG Economy Model could help economies achieve sustainable, balanced and inclusive economic recovery from COVID-19 and build resilience against future shocks. The first in-person Leaders’ Meeting in 4 years ended on a high note with the adoption of the 2022 APEC Leaders’ Declaration and the Bangkok Goals on BCG Economy Model, which will serve as a roadmap for APEC’s sustainability agenda for the benefits of all people in the region. 

Chaired by His Excellency General Prayuth Chan-o-cha, Prime Minister of Thailand, APEC leaders exchanged views on post-pandemic economic recovery and a strategy to build long-term resilience, amidst rising inflation, food and energy insecurity and a looming global recession, leaving no one behind. The BCG Economy Model was highlighted as a catalyst to shift our mindset and behaviour towards more responsible business models where growth objectives are pursued in tandem with environmental sustainability. The Managing Director of the International Monetary Fund (IMF) also participated in the meeting to present the 2022 Global Economic Outlook. In addition, APEC Leaders engaged in dialogues with the APEC Business Advisory Council (ABAC) as well as Guests, namely the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia and the President of the French Republic, to exchange views with the private sector and APEC’s external partners.

APEC Economic Leaders adopted, by consensus, two important outcome documents, namely the 2022 APEC Leaders’ Declaration and the Bangkok Goals on BCG Economy Model. APEC 2022 saw Thailand, as host economy, navigate APEC through a year full of uncertainties to achieve three key deliverables. These include (1) the FTAAP Agenda Work Plan  2023 – 2026 to take forward the refreshed conversation on the Free Trade Area of the Asia Pacific (FTAAP) in the post-COVID context, to help build capacities of economies to better prepare for next generation trade issues; (2) the Safe Passage Taskforce’s recommendations on how APEC’s safe passage work should be carried forward to continue building resilience in the region’s travel infrastructure against future disruptions, and (3) the adoption of the Bangkok Goals on BCG Economy, as APEC’s first comprehensive goals on sustainability and inclusivity agendas, which focus on 4 key areas including climate change mitigation, sustainable trade and investment, environmental conservation and waste management. Upon adoption, the Bangkok Goals website was launched and can be accessed at www.bangkokgoals.apec.org.

The AELM ended with the Prime Minister of Thailand handing over the “Chalom” to the Honorable Kamala Harris, Vice-President of the US, to symbolise a handover of APEC host year responsibilities from Thailand to the US, where the sustainability agenda reflected in the Bangkok Goals on BCG Economy will be carried forward to APEC2023.