Yoon: "APEC's Role as a Defender of the Multilateral Trading System Must Be Expanded"

Yoon Delivers Keynote at APEC CEO Summit
Emphasizes Enhancing Connectivity to Overcome Complex Crises
Outlines Cooperation Directions on Supply Chains, Digital, and Future Generations

President Yoon Suk-yeol emphasized on the 15th (local time) that "the role of the Asia-Pacific Economic Cooperation (APEC) as a guardian of the multilateral trading system must be expanded."

In his keynote speech at the APEC CEO Summit held at the Moscone Center in San Francisco, USA, on the afternoon of the same day, President Yoon stated, "APEC has so far worked to lower trade barriers within the region and strengthen the capabilities of member countries."

He stressed that restoring 'connectivity' is the top priority to overcome the complex crises caused by fragmentation such as the US-China hegemonic competition, the pandemic, the Ukraine war, and the conflict between Israel and the Palestinian armed faction Hamas. In particular, President Yoon believes that APEC, the largest multilateral organization in the Asia-Pacific region, which currently accounts for 38% of the world's population, 62% of global GDP, and 48% of trade volume, should take the lead.

In his speech, President Yoon proposed cooperation directions in three areas to enhance regional connectivity: trade, investment, and supply chains; digital; and future generations.

Among trade, investment, and supply chains, President Yoon emphasized that resilient supply chains are the core of the multilateral trading system. He said, "Supply chain risks are a matter of national security at the state level and a matter of survival at the corporate level," calling for proactive and systematic responses. He explained that to solve supply chain issues, member countries must unite to share experiences, such as establishing an early warning system within APEC.

President Yoon Suk-yeol is delivering the keynote speech at the APEC CEO Summit held at the Moscone Center in San Francisco on the 15th (local time). [Image source=Yonhap News]

He also proposed ways for everyone to enjoy the digital deepening era without discrimination. President Yoon pointed out, "To realize the digital deepening era, where connectivity and immediacy are key, data must flow freely across borders, and the digital divide between countries must disappear," adding, "For this, new norms and orders suitable for the digital age are necessary, and APEC, which has diverse economic development levels as well as social, cultural, and geographical characteristics among its members, must play an important role."

President Yoon introduced South Korea's contribution plan, saying, "We plan to actively participate in international discussions to establish digital norms." In September, during his visit to New York for the UN General Assembly, he announced a Digital Rights Charter embodying the principles of freedom, fairness, safety, innovation, and solidarity.

He also stressed the importance of active exchanges among future generations to discover innovative ideas and create new business opportunities. This means that for the Asia-Pacific economy to maintain connectivity beyond the present into the future, active exchanges among youth are crucial. President Yoon proposed, "Let us discuss at the APEC level the 'Youth Scientist Exchange Initiative' (tentative name) to enable young people in the Asia-Pacific region who have obtained degrees in science and technology and are engaged in research and development to freely travel and exchange within member countries."

The APEC CEO Summit is a business forum held as a side event of the APEC Leaders' Meeting. This year, it was hosted by the National Center for APEC, which serves as the secretariat of the APEC Business Advisory Council (ABAC) of the chair country, the United States, under the theme of "Sustainability, Inclusiveness, Resilience, and Innovation." Approximately 1,200 businesspeople and scholars from APEC member economies attended the summit. Besides President Yoon, leaders from APEC member countries including the United States, Vietnam, Peru, Thailand, and Chile, as well as APEC business leaders and scholars such as Alfred Kelly, Chairman of Visa; Cristiano Amon, President of Qualcomm; Satya Nadella, CEO of Microsoft; and Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), participated as speakers.

President Yoon Suk-yeol is delivering the keynote speech at the APEC CEO Summit held at the Moscone Center in San Francisco on the 15th (local time). [Image source=Yonhap News]

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