Geopolitical tensions complicate Apec's economic goals

BANGKOK - Typically a cut-anddried meeting with a focus on regional economic growth, the Apec Economic Leaders' Summit happening on Nov 18 and 19 is proving to be a handful.

- Tan Tam Mei

This is as fragile geopolitical relations, spiralling inflation and a troubled domestic front for host Thailand threaten to overshadow commitments to rebuild the regional economy in the post-pandemic era.

Already, Thailand has been walking a diplomatic tightrope as the Asia-Pacific Economic Cooperation (Apec) chair - it took on the position in November 2021. A trade ministers' meeting in May failed to issue a customary joint statement after five-member economies staged a walkout in protest against Russia's invasion of Ukraine.

Similarly, no joint statement was issued from an October Apec finance ministers' meeting, reportedly due to rifts among members over Russia's war in Ukraine that has affected the global economy and fanned inflationary pressures.

"This year's Apec has seen a lot more drama. And the chances of having a joint leaders' statement in the next meet are very slim," said international economic relations expert Kaewkamol Pitakdumrongkit, who heads the Centre for Multilateralism Studies at the S. Rajaratnam School of International Studies, at Nanyang Technological University.

The consensus-based forum began in 1989 and promotes economic integration and free trade among its 21 member economies, including the United States, China, Russia and Taiwan, as well as seven Asean countries. The grouping makes up 38 per cent of the world's population and accounts for 60 per cent of the world's gross domestic product.

The failure to issue joint statements, which affirm collective policy agreements and are arguably a key deliverable of Apec meetings, reflects the widening gaps between the members, particularly in the area of geopolitics, said international relations professor Pongphisoot Busbarat, from Bangkok's Chulalongkorn University.