APEC Concludes First-Ever Joint Finance and Structural Reform Ministers' Meeting

Held on Yeongjong Island, Incheon, from October 21 to 23

The Ministry of Economy and Finance announced on October 23 that it had concluded the 2025 APEC (Asia-Pacific Economic Cooperation) Finance and Structural Reform Ministers' Meeting, which was held on Yeongjong Island, Incheon, from October 21 to 23. This meeting marked the first time in 20 years since 2005 that Korea hosted a finance ministers' meeting, and it was also the first time in APEC history that finance and structural reform meetings were held in conjunction.

Yonhap News Agency

The 32nd Finance Ministers' Meeting, held on October 21, focused on topics such as the global and regional economic outlook, digital finance, and fiscal policy. Member economies synthesized the discussions and adopted a joint statement, as well as the ‘Incheon Plan,’ a mid- to long-term roadmap for the APEC finance track over the next five years.

The ‘Incheon Plan’ is structured around four pillars: innovation, finance, fiscal policy, and accessibility and opportunity. It included as core agendas the AI-driven transformation, the creation of an innovation ecosystem, and the realization of inclusive growth, all proposed by Korea. For the first time in the history of the APEC finance track, ‘providing equitable economic opportunities for all’ was adopted as a main agenda, which is seen as a significant achievement in expanding the scope of discussions among member economies.

Following the finance ministers' meeting, the 4th Structural Reform Ministers' Meeting was held from October 22, where a joint statement and two annexes were adopted. The main topics included improving regional markets and business environments, promoting AI and digital transformation, and achieving inclusive prosperity through expanded economic participation.

The first annex, titled ‘Strengthened and Enhanced APEC Structural Reform Agenda,’ outlined four key directions for the next five years: market-oriented fair competition, improvement of the business environment, promotion of innovation and digitalization, and realization of the economic potential of all. Each member economy agreed to establish national structural reform implementation plans and to achieve tangible reform outcomes accordingly.

The second annex, ‘4th Ease of Doing Business Action Plan,’ set a joint goal to improve the regional business environment by 20% over the next 10 years in five areas: market access, financial services, business location, market competition, and dispute resolution. Member economies will pursue capacity-building cooperation projects to achieve this goal and conduct interim and final performance reviews in 2030 and 2035, respectively.

This meeting was the last ministerial meeting held before the leaders' summit among the 14 ministerial-level meetings of APEC this year. The Ministry of Economy and Finance stated, “This was a meaningful opportunity to spread our government’s economic growth strategies and vision, such as the AI-driven transformation, throughout the region, to present a new model for policy cooperation, and to suggest a direction for the development of APEC cooperation as a policy incubator.”

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