Business & Economy

APEC finance ministers discuss Ukraine war’s impact

Bangkok, Oct 20 (EFE).- The finance ministers and representatives of the 21 economies that make up the Asia-Pacific Economic Cooperation (APEC) forum began discussing the impact of the war in Ukraine on Thursday.

The meeting is taking place at the Queen Sirikit National Convention Center in one of the financial districts of Bangkok.

Thailand’s Finance Minister Arkhom Termpittayapaisith is scheduled to hold a press conference at the end of the meeting, attended by representatives of the United States and Russia, among other countries.

The conflicting positions of Russia and the US regarding the war in Ukraine and the economic consequences of the conflict caused by the Russian invasion have blocked joint statements during the different meetings organized by Thailand, which holds the rotating chairmanship of the bloc this year.

The finance ministers’ meeting kicked off on Wednesday with a series of more informal discussions on a range of topics, including the “current economic situation and its outlook, tightened labor market, and geopolitical conflicts,” the organizers said in a statement.

“The emphasis was on boosting the economic recovery while maintaining economic stability and fiscal discipline,” they added.

The Thai minister also held bilateral meetings on Wednesday with the US deputy secretary of the Treasury, Wally Adeyemo, and Secretary-General of the Organisation for Economic Co-operation and Development Mathias Cormann.

The meetings focused mainly on “global energy prices that affected worldwide inflationary pressure, economic cooperation, financial and fiscal policy implementation, and sustainable developments within the APEC region,” according to the organizers.

Founded in 1989, APEC consists of Australia, Brunei, Canada, China, Chile, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia, Singapore, the Philippines, South Korea, the United States, Taiwan, Thailand, and Vietnam.

The bloc encompasses 2.9 billion people – 38 percent of the global population – with a combined GDP of $52 trillion, equivalent to 62 percent of the world’s GDP.

The regional trade is worth $18 trillion, 70 percent of global exchanges. EFE


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