Businesses Urge APEC Summit to tackle inflation, energy crisis

Leaders representing 60% of the world’s economy should tackle inflation and the energy crisis to promote a post-Covid economic recovery and stem the risk of global recession, regional business executives said. 

The Asia-Pacific Economic Cooperation forum should also tackle climate change more aggressively, said Kriengkrai Thiennukul, chairman of this year’s APEC Business Advisory Council. The private-sector group, which comprises top executives from the US and other countries and regions, will submit 69 recommendations across five areas to leaders at an annual dialog in Bangkok on Friday.  

“We’ll emphasize to the leaders the urgency of addressing these issues,” Kriengkrai told reporters on Wednesday. The business group will also call on them to move faster toward an Asia-Pacific free trade agreement to cement integration, he said. “Now’s the time to reopen borders and economies. Restrictions must be scrapped, cross-border trade must resume quickly.” 

The recommendations are set to influence the agenda of the APEC summit, which will focus on policy responses to current economic challenges, including a looming global recession, inflation, and concerns over energy and food security. The forum will build on discussions and agreements of the Group of 20 meetings in Bali, Indonesia, and the Association of Southeast Asian Nations in Phnom Penh.

The International Monetary Fund and World Bank recently warned of a rising risk of a global recession as advanced economies slow and inflation quickens. Chinese President Xi Jinping and US Vice President Kamala Harris are among 14 leaders and six representatives of the APEC member economies set to attend the leaders’ summit and related meetings being held in the Thai capital this week.