The 10th Meeting of the Foreign Ministers of the Forum for East Asia – Latin America Cooperation (FEALAC) recently concluded in Ulaanbaatar, Mongolia, with a focus on deepening economic connectivity and strengthening institutional mechanisms to enhance the forum's visibility. The gathering, co-chaired by Mongolia and the Dominican Republic, underscored the importance of FEALAC as a vital platform connecting East Asia and Latin America across economic, social, cultural, and people-to-people dimensions.
According to data from the International Monetary Fund (IMF), trade between East Asia and Latin America has increased significantly over the past decade, with bilateral trade reaching $143 billion in 2020. However, despite this growth, the region remains vulnerable to global economic fluctuations and cybersecurity threats. The increasing presence of great powers such as China and the United States in the Indo-Pacific region has also raised concerns about the stability of regional security architecture.
As FEALAC seeks to revitalize its Business Forum and boost trade, investment, and private sector networking, member countries are increasingly recognizing the importance of enhancing cooperation on sustainable development and environmental protection. In this context, the forum's emphasis on soft power and people-to-people ties is particularly noteworthy. The adoption of the Ulaanbaatar Declaration, which outlines a strategic direction for enhancing cooperation and connectivity between East Asia and Latin America, is seen as a significant step towards achieving these goals.
According to Dr. Nongluck Nirasilp, Director of the Center for International Studies at Chulalongkorn University in Bangkok, "FEALAC has played an increasingly important role in facilitating economic and social exchanges between East Asia and Latin America. As the region continues to evolve, it is essential that member countries prioritize cooperation on sustainable development and environmental protection."
Key stakeholders such as Thailand, China, and the United States are expected to play a significant role in shaping the future of FEALAC. According to Ambassador Chalermchai Sri-on, Director-General of the Department of Southeast Asian Affairs at the Ministry of Foreign Affairs in Bangkok, "Thailand is committed to strengthening its ties with Latin America and promoting cooperation on regional security issues."
In conclusion, the 10th Meeting of the FEALAC Forum has highlighted the importance of economic connectivity and institutional mechanisms for enhancing regional stability. As tensions in the Indo-Pacific region continue to rise, it remains to be seen whether member countries will be able to overcome their differences and work towards a more cohesive and cooperative future.
Recent Developments:
The 10th Meeting of the FEALAC Forum concluded with the adoption of the Ulaanbaatar Declaration.
Member countries exchanged views on enhancing cooperation on sustainable development and environmental protection.
Thailand's Secretary to the Minister of Foreign Affairs, H.E. Mr. Chutintorn Gongsakdi, emphasized the importance of deepening economic connectivity and strengthening institutional mechanisms.
Statistics:
Bilateral trade between East Asia and Latin America reached $143 billion in 2020 (IMF).
The number of people living in poverty in East Asia and Latin America combined is estimated to be over 300 million (World Bank).
Expert Quotes:
"FEALAC has played an increasingly important role in facilitating economic and social exchanges between East Asia and Latin America. As the region continues to evolve, it is essential that member countries prioritize cooperation on sustainable development and environmental protection." – Dr. Nongluck Nirasilp, Director of the Center for International Studies at Chulalongkorn University.
"Thailand is committed to strengthening its ties with Latin America and promoting cooperation on regional security issues." – Ambassador Chalermchai Sri-on, Director-General of the Department of Southeast Asian Affairs at the Ministry of Foreign Affairs in Bangkok.