APEC Final Senior Officials' Meeting Held... Provisional Agreement on 'APEC Future Vision' Final Draft

Approval of Next Year's Projects in Trade and Investment Including COVID-19 Response, Economic and Technological Cooperation, Internet and Digital Economy Sectors

[Asia Economy Reporter Lim Cheol-young] Lee Seong-ho, Director General for Economic Diplomacy Coordination at the Ministry of Foreign Affairs, attended the Asia-Pacific Economic Cooperation (APEC) Senior Officials' Meeting (SOM) held via video conference on the 13th. He reviewed the achievements of the past year in preparation for the 2020 APEC Leaders' Meeting and Ministerial Meeting and discussed future activity directions.

At this meeting, member economies evaluated that APEC maintained the foundation for existing activities and regional cooperation in response to COVID-19 through video conferences despite the difficult circumstances caused by the pandemic. They reviewed the preparations for the Leaders' Meeting and Ministerial Meeting as well as the progress of key deliverables. Additionally, reports on the 2020 activities of subsidiary committees related to trade and investment, economic and technical cooperation, and the internet and digital economy were received, and the 2021 projects were approved.

In particular, member economies provisionally agreed on the final draft of the "APEC Future Vision," which will present APEC's activity directions for the next 20 years (2021?2040), and decided to adopt it as a key deliverable of the Leaders' Meeting.

Director General Lee Seong-ho welcomed the major APEC roadmaps and implementation plans prepared this year and stated that specific projects will be promoted to contribute to the implementation of these roadmaps going forward. He also emphasized the importance of the "APEC Future Vision" and the Leaders' Declaration to sustain momentum in APEC activities and urged member economies to demonstrate flexibility based on the spirit of friendship and cooperation. He further evaluated that this year's Leaders' Meeting will serve as an important opportunity to inform Asia-Pacific members about APEC's efforts and achievements for regional economic development and plans to prepare for the post-COVID-19 era.

An official from the Ministry of Foreign Affairs evaluated, "This meeting reaffirmed the willingness to cooperate for the successful hosting of the APEC Ministerial Meeting and Leaders' Meeting despite the prolonged COVID-19 situation. It provided an opportunity to exchange constructive opinions on the future direction of APEC based on existing achievements, maintain the continuity of APEC activities, and strengthen the momentum for cooperation."

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