Leading the way in promoting ‘free trade’ and promoting ‘new technology’ cooperation
North Korea’s troop dispatch, Korea-U.S.-Japan cooperation, and Korea-China relations are also factors to watch.
President Yoon Seok-yeol will begin his tour of Peru and Brazil, starting with the Asia-Pacific Economic Cooperation (APEC) summit on the 15th.
According to the Presidential Office, President Yoon plans to lay the foundation for cooperation to overcome complex global crises and strengthen economic cooperation through the APEC summit, which he will participate in for two consecutive years.
In a written interview conducted with Spain’s state-run news agency EFE before his trip, President Yoon presented three key keywords for this year’s APEC summit: connectivity, innovation, and prosperity.
President Yoon said, “Through the task of connectivity, I will lead discussions on ways to respond to factors that hinder free trade, such as the spread of exclusive protectionism and fragmentation of supply chains, and ways to strengthen regional connectivity.”
He said, “Based on Korea’s expertise in the digital and artificial intelligence (AI) fields, we will pursue discussions on ways to bridge the digital gap and promote digital trade and use of AI technology.”
At the same time, President Yoon said, “We will seek solutions to challenges such as the energy crisis, climate change, and population decline and exchange opinions on ways to achieve sustainable growth.”
The explanation is that this APEC will strengthen international solidarity to protect the rules-based international order, while strengthening Korea’s contribution to cutting-edge technology and global joint tasks.
APEC, in which a total of 21 countries, including 12 Asian countries and 5 American countries, participate, is the largest regional cooperation organization, accounting for 61.4% of the world’s gross domestic product (GDP) and 50.1% of total trade volume as of the end of last year.
Korea, the next chair country, has been carrying out activities to discover performance projects for next year, such as research on sustainable supply chains in the region, policy dialogue on establishing an AI collaboration system, and standardization of hydrogen and fuel cells.
President Yoon plans to lead detailed discussions on the APEC stage, including the summit, Business Advisory Committee (ABAC) meeting, and CEO summit.
International cooperation on the issue of North Korea’s troop dispatch to Russia, institutionalization of trilateral cooperation between Korea, the United States, and Japan, and restoration of Korea-China relations are also tasks facing President Yoon.
As it was confirmed that North Korean troops dispatched to the Ukraine War were actually deployed in combat, the issue of North Korea-Russia military cooperation entered a new phase. President Yoon, who has pledged to take effective corresponding measures, such as strengthening support for Ukraine, requires international support for this.
At the Korea-U.S.-Japan summit held on the 15th (local time) by President Yoon, U.S. President Joe Biden, and Japanese Prime Minister Shigeru Ishiba, discussions on continuing the trilateral cooperation system are expected to take place under the next new Trump administration.
The three countries decided to regularize the summit every year at last year’s Camp David summit, but the key question was whether the agreement would be kept even after the new Trump administration took office.
The Korea-China summit, which is currently coordinating its schedule with APEC and G20, is also a point to watch.
Recently, Korea and China have been creating a mutually friendly atmosphere, and if the two leaders meet two years after the G20 in November 2022, it could open the way to strengthening cooperation between the two countries.
In addition, as President Yoon announced that he is having strategic dialogue with China regarding the issue of sending North Korean troops to Russia, attention is being paid to whether there will be related discussions.
(Seoul = News 1)
What are the key themes discussed at the APEC summit and their significance for international trade?
Interview Between Time.news Editor and APEC Expert
Editor: Good day, everyone! Today, we have the pleasure of speaking with Dr. Emily Chang, a leading expert in international trade and economic cooperation, particularly in the Asia-Pacific region. With President Yoon Seok-yeol recently departing for the APEC and G20 summits in Peru and Brazil, we’re excited to explore the significance of these events. Welcome, Dr. Chang!
Dr. Chang: Thank you for having me! I’m delighted to discuss this critical moment in international relations and trade.
Editor: Let’s dive in! President Yoon highlighted three key themes for this year’s APEC summit: connectivity, innovation, and prosperity. How do you see these themes playing out in the discussions?
Dr. Chang: These themes are incredibly relevant, especially in the context of the current global economic landscape. Connectivity addresses the pressing issues of protectionism and fragmented supply chains—challenges that have been exacerbated by recent geopolitical tensions. It’s essential for APEC members to work towards cohesive trade policies that facilitate smoother exchanges and cooperation.
Editor: Speaking of geopolitical tensions, President Yoon also mentioned addressing factors hindering free trade. How might this dialogue strengthen international solidarity?
Dr. Chang: That’s a crucial point. By openly discussing and confronting the barriers to free trade, APEC can reinforce its commitment to a rules-based international order. This is particularly important considering recent developments, such as the increasing militarization in the region and North Korea’s troop dispatch to Russia. Solid cooperation between member countries, especially the U.S., Japan, and Korea, can ensure that economic frameworks remain resilient amidst these challenges.
Editor: You bring up North Korea, which certainly complicates cooperative efforts in the region. How do you foresee this factor influencing discussions at APEC?
Dr. Chang: North Korea’s actions will likely be a focal point, particularly in the context of trilateral cooperation among Korea, the U.S., and Japan. This partnership is essential not only for security reasons but also for economic stability in the Asia-Pacific region. President Yoon’s leadership in these discussions could set the tone for more collective approaches to tackle North Korean provocations.
Editor: Innovation is another theme that President Yoon emphasized, specifically in terms of digital trade and AI technology. How do you see Korea’s role in driving this agenda forward?
Dr. Chang: Korea has established itself as a leader in digital innovation and AI, which positions it well to advocate for policies that bridge the digital divide within APEC. By sharing its expertise and exploring collaborative frameworks, Korea can facilitate technology transfer and foster a more inclusive digital economy, ultimately promoting prosperity across the member countries.
Editor: That’s an optimistic view! With APEC accounting for over 60% of the world’s GDP, the stakes are indeed high. As Korea prepares to chair APEC next year, what priorities should it focus on to ensure sustainability and inclusive growth?
Dr. Chang: Korea should prioritize establishing a sustainable supply chain framework, emphasizing the importance of green technologies and renewable energy sources. Also, engaging in policy dialogues around AI collaboration and hydrogen standardization can lead to long-term benefits, positioning APEC as a front-runner in addressing climate change while ensuring economic growth.
Editor: Thank you, Dr. Chang, for those insightful perspectives. Before we conclude, what lasting impact do you hope the APEC summit will have on the region?
Dr. Chang: I hope APEC will emerge as a beacon of collaboration, particularly amidst challenging times. By strengthening ties and fostering dialogue, member countries can not only navigate the immediate economic crises but also build a resilient and innovative future together. It’s about coming together to achieve shared prosperity while tackling global challenges collaboratively.
Editor: Well said! Thank you for your valuable insights today, Dr. Chang. We look forward to seeing how the APEC summit unfolds and hope it leads to meaningful progress in free trade and technology cooperation.
Dr. Chang: Thank you for having me! Let’s keep an eye on these developments; it’s a pivotal time for the Asia-Pacific region.