APEC Foreign and Trade Ministers Agree on Joint Declaration for Trade and Investment Recovery

Yoo Myung-hee, Director-General for Trade at the Ministry of Trade, Industry and Energy, and Lee Tae-ho, Second Vice Foreign Minister, Attend 'Joint Ministerial Meeting'
Facilitating Movement of Essential COVID-19 Workers, WTO Reform, and Korea's Carbon Neutrality 2050 Plan Discussed

[Asia Economy Reporter Moon Chaeseok] Foreign and trade ministers of the Asia-Pacific Economic Cooperation (APEC) declared the recovery of trade and investment, which had been contracted due to the novel coronavirus disease (COVID-19). The South Korean government conveyed the importance and commitment to actions such as facilitating the movement of essential workers during COVID-19, reforming the World Trade Organization (WTO), and announcing the Carbon Neutrality 2050 plan.

Welcome Adoption of 'Future Vision' for Realizing Trade and Investment Liberalization within APEC

[Image source=EPA Yonhap News]

The government announced on the 17th that Yoo Myung-hee, Director-General for Trade of the Ministry of Trade, Industry and Energy, and Lee Tae-ho, Second Vice Minister of Foreign Affairs, attended the '31st APEC Ministerial Meeting (AMM)' on the 16th.

The meeting, hosted by Malaysia as this year's chair country, was attended by foreign and trade ministers and vice ministers from 21 APEC member economies. The meeting was held virtually.

The foreign and trade ministers attending the meeting reaffirmed the member economies' commitment to joint response against COVID-19.

They also discussed ▲ ways to advance trade and investment discussions (Session 1) and ▲ inclusiveness, digital economy, and innovative sustainability (Session 2), and based on these discussions, adopted a joint ministerial statement.

The statement includes ▲ facilitating the movement of essential goods and essential workers ▲ support for WTO reform ▲ welcoming the adoption of the Future Vision (APEC Post-2020 Vision) ▲ promoting implementation of the Internet Digital Economy Roadmap ▲ attention to the 2020 Economic Policy Report ▲ strengthening cooperation for sustainable development.

The Future Vision is a new blueprint up to 2040 prepared as the deadline of the 1994 Bogor Declaration approached. The Bogor Declaration set APEC's goal of "realizing trade and investment liberalization within the region by 2020."

The core elements of the Future Vision are ▲ trade and investment ▲ innovation and digital economy ▲ inclusive and sustainable growth.

To achieve this, it aims to ▲ regional economic integration, achievement of the Free Trade Area of the Asia-Pacific (FTAAP), structural reforms ▲ promotion of innovative technology development, improvement of digital infrastructure, activation of data flows ▲ pursuit of qualitative growth, inclusive human resource development, and response to environmental issues.

South Korea Leads Voluntary Sharing of Information on Movement of Essential Workers during COVID-19

On the 8th of last month, when the special entry procedures for Korean and Japanese businesspeople were implemented, passengers were going through the departure process for Tokyo Narita, Japan, at Terminal 2 of Incheon International Airport. Photo by Moon Honam munonam@

Director-General Yoo presented three cooperation measures in Session 1 for "advancing discussions on COVID-19 response and trade and investment within APEC."

He emphasized ▲ seeking effective measures regarding non-tariff measures related to facilitating trade of essential goods ▲ continuous cooperation such as voluntarily sharing information on national policies for the movement of essential workers as proposed by South Korea ▲ delivering benefits of trade and investment to SMEs and vulnerable groups, and WTO reform.

Vice Minister Lee conveyed in Session 2 the message that "inclusive and sustainable qualitative growth" is important for vulnerable groups to overcome the COVID-19 crisis.

He mentioned ▲ continuing cooperation to expand women's economic participation ▲ South Korea's contributions to the international community such as efforts to develop COVID-19 therapeutics and vaccines ▲ expressing willingness to participate in discussions to revitalize the digital economy in South Korea.

South Korea’s Carbon Neutrality 2050 Plan Shared with the World

[Image source=Yonhap News]

He also revealed South Korea's declaration of carbon neutrality by 2050 and introduced the 2nd P4G (Partnering for Green Growth and the Global Goals 2030) Summit to be held in South Korea next year.

P4G is a coalition of 12 countries aiming to accelerate green growth, sustainable development, and achievement of the Paris Agreement goals through public-private partnerships.

The government stated, "In response to the prolonged COVID-19 pandemic, we will help normalize economic activities of our industries by facilitating the movement of essential goods and essential workers."

It added, "As a founding member of APEC and a key contributor leading cooperative agendas, South Korea will continue to lead discussions in multilateral and plurilateral international forums such as APEC and pursue international cooperation to enhance its global standing."

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