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Leaders of the Asia-Pacific Economic Cooperation (APEC) economies met here on Friday to discuss ways to promote sustainable development and facilitate trade and investment.

Addressing the 29th APEC Economic Leaders' Meeting, Thai Prime Minister Prayut Chan-o-cha said that the leaders would exchange views on supporting economic growth and sustainable development, leading the region towards a better future, reports Xinhua news agency.

Making its Bio-Circular-Green (BCG) economy model high on the agenda, Thailand hopes the BCG economy model would further promote sustainable development and environmental protection goals, said Prayut, chairman of the meeting.

It is the first in-person meeting of the APEC economic leaders since 2018, which was held under the theme of "Open, Connect, Balance" -- to open to all opportunities, to connect in all dimensions and to balance in all aspects.

APEC, established in 1989, is a premier regional economic forum with an aim to support sustainable economic growth and prosperity in the Asia-Pacific region.

The leaders met as the global economic recovery is facing multiple challenges of rising inflation, heightened geopolitical tensions, climate change and prolonged Covid-19 pandemic.

With nearly 40 per cent of the world population, the 21 APEC member economies account for about half of global trade and over 60 per cent of the world's total gross domestic product.