APEC Summit Focuses on Handle Food Inflation and Energy Increases

VIVA – The annual summit of Asia-Pacific Economic Cooperation (APEC) leaders starts on November 18, 2022, in Bangkok with a focus on handling food inflation and energy increases because of the Russia-Ukraine war.

It is known that APEC leaders also discussed efforts to realize inclusive and sustainable growth in the Asia-Pacific region. Moreover, North Korea's launch of an intercontinental ballistic missile, which fell on Friday morning, November 18, 2022, is also likely to be a discussion at the APEC Summit.

APEC leaders are expected to address climate change issues, as well as facilitate free, fair, and sustainable trade and investment.

Meanwhile, it remains uncertain whether APEC leaders will be able to issue a joint declaration post-Summit, given the rift in the forum over Russia's aggression into Ukraine. Western countries have condemned Russia, but some members, such as China, chose not to sanction Moscow.

APEC leaders are also expected to agree on issues such as promoting free and fair trade and investment. They are also expected to find common ground on the importance of transitioning to clean energy and energy security.

The day before the opening of the APEC Summit, ministers from its 21 members welcomed the Bangkok Goals, an outcome document on the region's post-COVID-19 growth strategy initiated by the Thai government that contains efforts to address environmental and climate concerns.

APEC ministers also pledged to urge APEC leaders to support the goals at summits. Despite differences over the Ukraine crisis among APEC member economies, including Japan, the United States, and Russia.

As information, the leaders plan to adopt the "Bangkok Goals" for the Bio-Circular-Green Economy concept.

The APEC meeting will be the last of a series of summits in Southeast Asia, such as the ASEAN Summit in Phnom Penh and the G20 Summit in Bali, along with several bilateral and trilateral talks on the sidelines of the two summits.