Bangkok (VNA) – Thailand can use the Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting and the APEC CEO Summit, to step up cooperation under "mini-free trade agreements" (mini-FTAs) as part of efforts to brace for a global economic slowdown next year, according to the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB).

Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries, a key member of the JSCCIB, said a mini-FTA can boost Thailand's trade and investment faster than a traditional FTA because it focuses on a trade agreement between two cities.

In September, the World Bank (WB) warned of the possibility of a global recession next year after central banks raised interest rates in response to high inflation.

Meanwhile, the World Trade Organisation (WTO) expects global trade to expand by just 1% in 2023 amid economic uncertainties.

Earlier, the Commerce Ministry of Thailand signed memoranda of understanding to form deeper trade partnership through mini-FTAs with Gyeonggi province of the Republic of Korea, Telangana state of India and Hainan province of China.

JSCCIB maintained its 2022 GDP growth forecast at 3-3.5%, with exports growth of 7-8% and inflation at 6-6.5%./.