"Need for Open Market Formation and Inclusive Growth" Adoption of APEC Joint Declaration
[Sejong=Asia Economy Reporter Kim Hyunjung] The 21 member countries of the Asia-Pacific Economic Cooperation (APEC) adopted a joint declaration emphasizing the creation of open markets, inclusive and sustainable growth.
The Ministry of Economy and Finance announced that Yoon Tae-sik, Director General for International Economic Affairs (Vice Minister), attended the 3rd APEC Structural Reform Ministerial Meeting held via video conference on the 16th and discussed these matters. In the declaration, member countries selected four structural reform tasks: fostering open and competitive markets, enhancing corporate resilience to shocks, promoting inclusive and sustainable growth, and utilizing new technologies and innovation.
Additionally, they agreed to implement a three-phase plan to improve the business environment, which includes improvement measures in five priority areas: contract disputes, credit loans, property registration, liquidation resolution, and minority investor protection. APEC member countries have been pursuing regional business environment improvement plans since 2009, and the current plan is in its third phase. These selected tasks and implementation plans will be carried out over five years until 2025.
Vice Minister Yoon pointed out through the second session that the recent COVID-19 crisis marked the beginning of a 'singularity' accelerating structural changes, and presented key policy directions including harmonization between micro and macro policies, enhancement of innovation, and improvement of inclusiveness.
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He also introduced Korea's 'Korean New Deal' policy aimed at promoting private innovation investment alongside fiscal investment, and mentioned Korea's policy efforts for the transition to a digital and green economy. Furthermore, he emphasized the importance of enhancing inclusiveness through the expansion of social and employment safety nets, introducing Korea's cases of disaster relief payments and the implementation of nationwide employment insurance.
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