Photos: Sun Guangyong/ People's Daily

Bangkok (People’s Daily) - "We continue to see the socioeconomic consequences of the COVID-19 pandemic, which have been further exacerbated by challenges in the global situation,” said Thailand Prime Minister Prayut Chan-o-cha, the 2022 Chair of the APEC Economic Leaders’ Meeting on Friday.

“But more importantly, there is the existential threat of climate change, which has consequences not only for the Asia-Pacific region, but also for humanity as a whole. Therefore, we must work together to mitigate its impact and protect our planet,” Prayut continued.

Prayut pointed to the bio-circular-green (BCG) economy model that Thailand has adopted as a domestic strategy to recover from COVID-19 as a blueprint for long-term development and growth that is robust, balanced, sustainable and inclusive.

“We introduced the BCG economy model into the APEC conversation as an approach to achieve sustainability as well as our climate objectives, reinforcing APEC’s relevance in guiding the region forward amidst the current pressing challenges,” Prayut added.

As the host of APEC 2022, Thailand initiated work on the Bangkok Goals for the BCG economy as a signature deliverable for the year. The Bangkok goals are a comprehensive framework to advance APEC’s sustainability agenda in a bold, transformative, balanced and ambitious manner, with four goals.

These include measures to provide incentives to the business community to adopt more sustainable business models as well as encouraging people to shift their mindsets and embrace a responsible and sustainable lifestyle.

Leaders also deliberated on their vision to promote sustainable trade and investment between APEC and its trading partners in a bid to accelerate economic recovery. Hyperinflation and a looming recession were also discussed as member economies seek to redouble their efforts in ensuring that the recovery must be inclusive.

“APEC must look beyond recovery from the pandemic and toward rejuvenating and revitalizing the environment, to boost resilience and ensure more inclusive and sustainable growth,” Prayut concluded. “As the premier economic forum and incubator of ideas, APEC has the resources to accelerate long-term quality growth that yields tangible benefits for all.”