Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Bangkok Post
Bangkok Post
Business

Trade ministers pledge to promote BCG model

Asia-Pacific Economic Cooperation (Apec) trade ministers have vowed to promote the bio-, circular and green (BCG) economic model to help rehabilitate their economies, ravaged by more than two years of dealing with the pandemic.

Speaking after presiding over the Apec BCG Symposium 2022 yesterday, Commerce Minister Jurin Laksanawisit said Apec members will exchange experiences and move forward to use the BCG model among the forum's 21 member economies.

Mr Jurin said the BCG model is good for biodiversity, while the circular economy offers sustainable use of resources producing the least environmentally harmful waste by incorporating recycling.

He said the Apec economic zone's pledge would drive businesses towards sustainable economies, emphasising environmental concern for production and services.

"The BCG economic model will lead to beneficial results in Apec economies and the world in the future, both in terms of income generation and income distribution," said Mr Jurin.

"The bloc aims to jointly promote small and medium-sized enterprises [SMEs] and micro-SMEs to upgrade their manufacturing and services using the BCG model. This will reduce environmental destruction and, in line with current world trade and manufacturing trends aiming for green economies, it is the common goal of Apec."

He said Thailand placed the BCG model on the national agenda in January 2021 to accelerate its development, allowing economic sectors to increase the value of farm products.

Mr Jurin said the BCG model is part of a global development trend.

The BCG strategic plan covers four sectors: farm and food; healthcare and medical services; energy and biochemicals; and tourism and the creative economy.

The Thai government has vowed to develop the bio-economy, as more than 30 million people work in the farm sector, yet most remain in poverty.

The development plan calls for the government to raise the value of farm products and generate more income for the farm sector.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.