Kwon Tae-shin: "Economic Exchange Must Be Revitalized Regardless of Political Relations Among Asian Countries"

'The 11th Asia Business Summit'

Kwon Tae-shin, Executive Vice Chairman of the Federation of Korean Industries, is delivering a greeting at the 'Business Meeting with EU Ambassadors to Korea' held on the 12th at the Federation of Korean Industries building in Yeouido, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Dongwoo Lee] Kwon Tae-shin, Vice Chairman of the Federation of Korean Industries, proposed separating political situations among countries within Asia from economic exchanges at the '11th Asia Business Summit' held on the 6th.

At the event held online that afternoon, Vice Chairman Kwon stated, “Political issues making economic exchanges difficult do not contribute to the shared prosperity of the Asia region and, in some cases, further complicate relations between the countries involved,” adding, “I hope that economic exchanges among Asian countries can be activated regardless of their mutual political situations and relations.”

In the first session, during a presentation on the topic of ‘Post-COVID-19 Asia Economic Recovery Challenges,’ Vice Chairman Kwon suggested, “To leverage the strengths of Asian countries that have relatively well responded to the novel coronavirus infection (COVID-19) for regional economic recovery, we should ease restrictions on the entry and exit of businesspeople among Asian countries.”

He continued, “Some countries have succeeded in achieving both quarantine and economic growth,” and added, “I hope that starting with consultations among Asian countries with excellent quarantine measures, exchanges of businesspeople and eventually tourists will gradually expand.”

In the second session, regarding global trade policy, Vice Chairman Kwon emphasized, “The most urgent issue now is to restore the international trade order, and the World Trade Organization (WTO) should be normalized and used as momentum for reform to support multilateral free trade.”

He further explained, “Systems like the WTO in international trade are essential not only for ensuring members comply with trade norms but also as a dispute resolution body, so these functions must be restored,” adding, “Asian countries within the region should take the lead in reviving multilateralism through expanded communication and strengthened cooperation.”

Meanwhile, member organizations participating in this 11th Asia Business Summit adopted a joint statement emphasizing the importance of “maintaining and strengthening a free and open international economic system.” They stressed the need to promote regional economic integration through the expansion of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

They also noted the necessity to reestablish connectivity within Asia, which was disrupted by the COVID-19 pandemic, and to further strengthen connectivity through qualitative and quantitative improvements in infrastructure development.

The joint statement also highlighted the need for progress in promoting research and development (R&D), financial support for environmental energy technologies, and digital economy transformation, aiming for a transition to a decarbonized society. To achieve these goals, it called for intensified efforts through cooperation among Asian economic organizations and urged coordination and collaboration among countries within the region.

Due to COVID-19, the 11th Asia Business Summit was held online, with approximately 50 participants including heads of 16 economic organizations and affiliated businesspeople from 12 countries within Asia attending.

This content was produced with the assistance of AI translation services.