Prime Minister Han at APEC Highlights Multilateral Trade System and Supply Chain Stability

"Progress Needed in Asia-Pacific Free Trade Area Discussions"
Meeting with CP Group and Major Thai Business Leaders

Prime Minister Han Duck-soo is attending the second day plenary session of the Asia-Pacific Economic Cooperation (APEC) held in Bangkok, Thailand on the 19th (local time). / Photo by the Prime Minister's Office

[Asia Economy Reporter Noh Kyung-jo] Prime Minister Han Duck-soo emphasized strengthening the multilateral trade system centered on the World Trade Organization (WTO) at the Asia-Pacific Economic Cooperation (APEC) summit held in Bangkok, Thailand, on the 19th (local time).

According to the Prime Minister's Office, Prime Minister Han stated at the second session of the APEC plenary meeting held at the Queen Sirikit National Convention Center (QSNCC) in Bangkok that day, "I ask APEC member countries to make efforts to advance discussions on the Free Trade Area of the Asia-Pacific (FTAAP)," adding, "South Korea will continue to promote projects to strengthen the negotiation capabilities of developing countries."

Currently, discussions on FTAAP are stalled due to conflicting views between those who believe issues such as labor and state-owned enterprises should be included and those who argue the focus should be solely on trade and investment.

Prime Minister Han also mentioned economic security issues such as enhancing supply chain stability within APEC, responding to climate change, and digital transformation, emphasizing, "APEC member countries must cooperate to strengthen the resilience of global resource supply chains." He also stated that South Korea would actively participate in related projects.

Lee Do-hoon, Vice Minister of Foreign Affairs, said in a local briefing after the meeting, "Prime Minister Han made efforts to build consensus among member countries by emphasizing the importance of responding to climate change on various occasions, including the plenary session."

Regarding supply chains, he explained that a phrase proposed by South Korea, stating, "We support efforts to create open, stable, and resilient supply chains, enhance supply chain connectivity, and minimize disruptions," was added to the leaders' declaration.

At a luncheon meeting with major Thai business leaders that followed, Prime Minister Han referred to Thailand's Bio-Circular-Green (BCG) economic model, saying, "The business leaders attending here are playing a positive and important role in moving in this direction (BCG)." He added, "If there are ways the South Korean government can assist the development of Thai companies, we will make efforts."

The meeting was attended by Supakit Chirawanon, Chairman of CP Group, Thailand's largest distribution company, his wife Marisa, Special Advisor, and Buranin Ratanasombat, Chief New Business Officer of the oil company PTT Group.

According to a Foreign Ministry official, Prime Minister Han shared opinions on plans to establish Korean-style smart cities, the current status of the medical device industry, and R&D and startup cooperation measures between companies of the two countries.

Prime Minister Han is scheduled to conclude his four-day, two-night visit to Thailand and depart for South Korea early on the 20th.

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