Key Takeaways of Thailand’s 2024 APEC Agenda

Thailand attended the 31st APEC Economic Leaders meeting held in Lima, Peru, pushing its priorities on sustainable development, inclusive growth, and regional trade integration. 

Under the leadership of Prime Minister Paetongtarn Shinawatra, the Thai delegation joined other leaders in discussions about current economic issues and practical solutions to be shared across the Asia-Pacific region.

Championing economic integration and connectivity

Prime Minister Paetongtarn Shinawatra at the APEC Economic Leaders' Retreat held at the Lima Convention Centre in Peru
Prime Minister Paetongtarn Shinawatra at the APEC Economic Leaders’ Retreat held at the Lima Convention Centre in Peru. Source: Royal Thai Government Website

One of the central Thai contributions at the summit was active support for advancing the Free Trade Area of the Asia-Pacific (FTAAP). A long-term plan to create a large free trade zone among Asia-Pacific countries, the FTAAP has been promoted by APEC through capacity building, modern trade discussions, and regional cooperation. 

Prime Minister Paetongtarn also stressed that Thailand is ready to play a leading role in enhancing regional connectivity, especially in digital infrastructure development. 

She also called for an APEC Business Travel Card (ABTC) scheme to be expanded for more mobility, especially for digital professionals, as it increasingly evolves into an economic landscape. The ABTC simplifies short-term business travel in the Asia-Pacific by allowing pre-approved travelers to enter multiple participating economies with one application, fast-tracking immigration at major airports.

Peruvian President Dina Boluarte speaking at APEC Economic Leaders' Retreat held at the Lima Convention Centre
Peruvian President Dina Boluarte speaking at APEC Economic Leaders’ Retreat held at the Lima Convention Centre. Source: Royal Thai Government Website

The summit also afforded opportunities to further develop relations with key partners, including host country Peru. Thailand and Peru have committed to concluding a bilateral free trade agreement (FTA) by 2025 — a development bound to increase trade and investment flows between ASEAN and Latin America.

Additionally, Prime Minister Paetongtarn also promoted Thailand’s Landbridge Project. The project seeks to connect the Gulf of Thailand and the Andaman Sea by building a transport route between Chumphon Port and Ranong Port. As shipments through the Malacca Strait see increasing congestion, the Landbridge mega-canal could offer a much-needed alternative shipping route.

Sustainability at the forefront

Building on the Bangkok Goals on Bio-Circular-Green (BCG) Economy set during Thailand’s 2022 APEC Chairmanship, the Prime Minister called on APEC member economies to set clear targets for a green transition. She also advocated the development of carbon credit markets, which can play a crucial role in integrating climate goals with economic mechanisms. 

This also extends to food security. Thailand called for adopting advanced agro-technology to address regional and international needs. These proposals are a major focal point of Thailand’s long-term vision to be among the world leaders in sustainable and innovative practices.

Expanding strategic partnerships

The APEC Economic Leaders' Retreat held at the Lima Convention Centre
The APEC Economic Leaders’ Retreat held at the Lima Convention Centre. Source: Royal Thai Government Website

Every year, the APEC summits provide a platform for forging new partnerships and strengthening old ones. 

Among others, Prime Minister Paetongtarn met leaders from China, Japan, and New Zealand on various initiatives that range from expanded trade to fostering innovation in clean energy and technology. To mark the 50th anniversary of Thai-Chinese diplomatic relations in 2025, Thailand and China are deepening cooperation in digital technology, cultural exchange, and clean energy.

Prime Minister Paetongtarn’s vision for Thailand to become a digital economy hub through increased technology use and enhanced digital literacy was also evident in her many meetings — both at APEC and her earlier stopover in Los Angeles, California — with executives of leading tech corporations, including Western Digital, Google, Microsoft, and TikTok.

Adapting to Trump 2.0

Thailand has also adopted a proactive stance in response to changing global dynamics, as economies worldwide begin to do the calculus of what one attending diplomat called “Trump 2.0.” Donald Trump’s second administration is expected to review the United States’ approach to trade and economic cooperation.

Nevertheless, Thailand is of the view that it can adapt to these changes and maintain its close and long-standing relations with the United States, a critical partner in the region. In her congratulations to Trump on his election victory, Paetongtarn posted on X (formerly Twitter), “I look forward to working with you to advance the long-standing Thailand-U.S. alliance for the benefit of our peoples and prosperity in the Indo-Pacific region.”

Karoon Kiratiwongboone

Karoon Kiratiwongboone is a versatile writer with a background in film studies, honed both in Australia and Thailand. His writing journey began with a passion for screenwriting, submitting original scripts to international competitions. Over the years, Karoon has crafted content across diverse industries, including tech, fashion, business, and film, bringing a unique storytelling perspective to each field.