APEC Foreign and Trade Ministers Agree to Strengthen Cooperation for Overcoming COVID-19 and Economic Recovery
[Sejong=Asia Economy Reporter Kwon Haeyoung] The foreign and trade ministers of the Asia-Pacific Economic Cooperation (APEC) agreed to strengthen cooperation to overcome the COVID-19 crisis and promote economic recovery.
The Ministry of Foreign Affairs and the Ministry of Trade, Industry and Energy announced on the 10th that a joint ministerial statement containing this content was adopted at the 32nd APEC Foreign and Trade Ministers' Meeting (AMM), held virtually on the 8th and 9th.
Hosted by New Zealand, the chair country this year, the meeting was attended by Korea’s Minister of Foreign Affairs Chung Eui-yong, Trade Negotiations Director General Yeo Han-gu, and foreign and trade ministers from the 21 APEC member economies.
The APEC foreign and trade ministers conducted a final review of preparations for the APEC Leaders’ Meeting scheduled for the 12th.
They then discussed ways to accelerate regional economic recovery and promote inclusive recovery cooperation, based on which they adopted the joint ministerial statement. The statement included ▲ expanding vaccine distribution and production and resuming cross-border movement ▲ advancing regional economic integration and supporting outcomes of the 12th World Trade Organization (WTO) Ministerial Conference ▲ inclusive recovery for vulnerable and marginalized groups ▲ climate change response ▲ bridging the digital divide and promoting digital trade.
Director General Yeo mentioned at the first day’s trade ministers’ meeting that Korea has led international cooperation to maintain openness and transparency in economic activities and facilitate the smooth movement of essential personnel such as businesspeople to accelerate trade-led regional economic recovery. He also introduced efforts related to regional economic integration, including preparations for the entry into force of the Regional Comprehensive Economic Partnership (RCEP), consideration of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and pursuing membership in the Digital Economy Partnership Agreement (DEPA).
Director General Yeo emphasized, "The 12th WTO Ministerial Conference must demonstrate achievements and future visions related to health crisis response and restoring the core functions of the multilateral trading system."
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Minister Chung expressed at the second day’s foreign ministers’ meeting Korea’s commitment to participate in global vaccine donation efforts to achieve the goal of vaccinating 70% of the world population by mid-next year. He also stated that through the 'APEC Digital Innovation Fund,' established in 2019 at the proposal of President Moon Jae-in, Korea will contribute to inclusive digital transformation in the Asia-Pacific region and accelerate the implementation of APEC’s 'Internet Digital Economy Roadmap' (AIDER). He proposed establishing a consultative body dedicated to climate response discussions within APEC.
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