A street in the Thai capital of Bangkok. (Photo: Vietnam/AP)Bangkok (VNA) – Thailand has hosted the first Asia-Pacific Economic Cooperation (APEC) Focus Group (AFG) meeting as the country prepares to assume the APEC Chair in 2022, the Bangkok Post reported on July 22.
The meeting focused its discussion on digitisation, global economic challenges and the tensions between the United States and China.
During the discussion, AFG members agreed that the world is facing imminent challenges including adapting to the "new normal" and deteriorating international trade and economic environments brought about by increasing US-China tensions, according to Cherdchai Chaivaivid, director-general of the Department of International Economic Affairs.
There is a likelihood that "geo-technological" rivalry will occur, "neo-nationalism" will rise and an economic recession caused by COVID-19 will happen, he said.
The AFG also discussed ways to harness digitisation, while managing challenges posed by disruptive technologies. The group noted the need to ensure that people and society are "future-ready", Cherdchai added.
The pandemic has helped accelerate digitisation and the absorption of digital technologies. Developing economies like Thailand's should continue to be engaged and be part of the "rule-making" process which will govern the digital economy in the future, he said.
APEC is the world's largest regional economic bloc, representing about 60 percent of the world's GDP in 2018./.
VNA
