5 days ago
S. Korea to expand APEC cooperation amid global trade shifts: trade minister
South Korea is set to expand cooperation with countries in the Asia-Pacific Economic Cooperation region to navigate recent changes in the global trade environment driven by the rise of trade protectionism, the trade minister said Tuesday.
"Considering South Korea's heavy dependence on trade and the manufacturing industry, the recent changes in the global trade environment are expected to have a bigger impact on our economy," Trade Minister Yeo Han-koo said during his special address to a general assembly of the Pacific Economic Cooperation Council held in Seoul.
The PECC is an official policy think tank for APEC that played a key role in its establishment in 1989.
"The global trade environment is undergoing a structural transition," Yeo said, citing the security-driven approach to economic issues, the weaponization of trade interdependence, and innovation in artificial intelligence and digital technologies as main reasons for the change.
To respond to these challenges, Yeo said his country plans to expand cooperation with the Global South, including the Association of Southeast Asian Nations and India. The goal is to diversify its supply chains and export destinations, while devising integrated policy on trade, industry and security issues.
Seoul also aims to take the lead in global efforts to shape new trade norms in areas such as climate change, supply chains and AI, he explained.
"We are now at a turning point where the traditional framework of trade, which has enabled global economic growth, is undergoing a fundamental shift," Yeo said, noting "the creative and practical cooperation of APEC member economies is more necessary than ever."
The PECC meeting brought together some 200 officials from the governments, companies and academia of the APEC member economies to discuss changes in global trade, the development of AI and demographic shifts, according to Seoul's industry ministry.
The ministry said it is preparing a series of international business events, such as the Invest Korea Summit and the CEO Summit to be hosted by the Korea Chamber of Commerce and Industry, to be held before the upcoming APEC summit in Gyeongju, about 330 kilometers southeast of Seoul, in October. (Yonhap)
