APEC moves forward with outlining how to achieve its comprehensive and ambitious sustainability and inclusion objectives, while reinforcing and contributing to ongoing global actions,” said the Bangkok Goals statement issued at the end of the summit on November 19.

Thai delegations had put in a lot of effort over the past months to insert the idea of its new economic model into the APEC architecture for achieving more balanced, inclusive, and sustainable growth in the region.

Established in 1989, the APEC is a non-binding consultative forum, where 21 economies come together to exchange views on how to adjust their respective economic policies in accordance with the dynamic global economy on a voluntary basis.

The Bangkok Goals statement said that all relevant APEC mechanisms including committees, sub-committees, secretariat and senior officials would integrate BCG into their work plans.

Prime Minister Prayut Chan-o-cha told US Vice President Kamala Harris during the handover ceremony that he hoped the BCG economic model would be one of the main factors bringing members together.

Harris said the next APEC Summit would be held in San Francisco to strengthen economic relationships throughout the region, including by increasing two-way trade flow and free flow of capital, which would support millions of American jobs.

To avoid an impasse, the joint statement only said “…recognizing that APEC is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy”.

They wanted the APEC leaders to reject the Thai government’s BCG proposal, saying the economic model is a “greenwashing” machine for big conglomerates.