On 19 November 2008, the first day of the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting in Lima, Peru, Deputy Prime Minister and Minister of Foreign Affairs Sompong Amornvivat attended the Informal Breakfast Meeting of Foreign Ministers and the Retreat. In his interventions, the DPM/FM discussed the present financial crisis and the issue of food and energy security.
Regarding the financial crisis, the DPM/FM informed the Meeting that during their meeting in Beijing in October, the ASEAN + 3 Leaders agreed to strengthen the Chiang Mai Initiative to better manage short-term liquidity problems and facilitate the work of other international financial arrangements. The Leaders also discussed support for the Asian Bond Market Initiatives, expansion of major productive sectors, improvement of structural resilience through a more comprehensive reform, and continued support for free and open trade and investment.
The DPM/FM commended the G-20’s Plan of Action, particularly the comprehensive reform and strengthening of the international financial institutions to reflect the increasing voice and representation of emerging and developing economies. He also proposed that APEC conduct an analytical study on the lessons learnt, especially on how to strengthen prudential governance and supervision of financial institutions, on structural causes of the crisis as well as weaknesses in the financial system including its regulatory infrastructure and credit markets.
On food and energy security, the DPM/FM noted that these were multi-dimensional structural issues that should be addressed in a comprehensive and transparent manner in order to find sustainable and systematic solution. He noted the timeliness of the APEC Food System review and advocated that an integrated regional market on food be built, taking into account mutual recognition arrangements with a view to addressing distorting trade practices.
The successful conclusion of the Doha Development Agenda (DDA) could also reinforce food security as it would expand international trade in agricultural products and reduce trade barriers. The DPM/FM reiterated the importance of R&D on agricultural technology development and the “Green Revolution”. As for biofuels, he noted that there were both challenges and opportunities associated with its production from different feedstock. The effects of such production on food security, energy security and environmental sustainability should thus be carefully weighed. As for Thailand, it was committed to promoting efficient production of bioenergy, along with the sustainable production of food supply.
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