APEC 21 Countries Strengthen Cooperation on COVID-19 Response and Recovery... Ensuring Effectiveness of 'Putrajaya Vision 2040'

APEC Senior Officials Meeting Held from 9th to 11th... Discussing Next Year's Activity Directions

[Asia Economy Reporter Lim Cheol-young] Lee Seong-ho, Director-General for Economic Diplomacy Coordination, attended the Asia-Pacific Economic Cooperation (APEC) Senior Officials' Meeting (SOM) held via video conference from the 9th to the 11th. He evaluated this year’s major APEC outcomes and discussed the direction of activities for the coming year.

APEC is the largest regional economic cooperation organization in the Asia-Pacific region, operating through policy dialogue and consultation to promote economic growth and prosperity. It comprises 21 member economies, including South Korea, the United States, China, and seven ASEAN countries.

Despite the challenging circumstances caused by the COVID-19 pandemic this year, member economies evaluated the meaningful achievements made, such as the adoption of the ‘Putrajaya Vision 2040’?APEC’s 20-year blueprint?at the Leaders’ Meeting on the 20th of last month. They pledged to strengthen cooperation for COVID-19 response and regional recovery going forward.

The Putrajaya Vision 2040 is a new long-term vision planning APEC’s next 20 years (until 2040), following the expiration of the Bogor Goals (1994), which aimed to achieve free trade and investment in the region by 2020. It focuses on trade and investment, innovation and digitalization, and sustainable and inclusive growth.

New Zealand, the APEC chair for next year, announced the theme for 2024 as ‘Join, Work, Grow. Together,’ selecting key agendas including △economic and trade policies to strengthen recovery △enhancing inclusiveness and sustainability for recovery △pursuing recovery through innovation and digitalization.

Director-General Lee Seong-ho evaluated, “This Senior Officials' Meeting was a timely opportunity to collectively consider APEC’s role in the Asia-Pacific region’s recovery,” and emphasized, “To ensure the effectiveness of the ‘Putrajaya Vision 2040,’ a systematic implementation plan based on priorities must be established next year.”

He added, “South Korea is promoting the ‘Korean New Deal’ as a long-term national development strategy to prepare for the post-COVID-19 era,” and pledged to contribute to sharing various policies and experiences to promote recovery within the Asia-Pacific region.

A Ministry of Foreign Affairs official evaluated, “This meeting served as an opportunity to confirm member economies’ commitment to cooperation for COVID-19 crisis response, regional recovery, and preparation for the post-pandemic era amid the prolonged global health and economic crisis, and to set the direction for APEC activities next year.”

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