December 2023

Established in 1989, APEC is an intergovernmental forum of 21 Asia-Pacific economies that account for about 38 percent of the world¡¯s population and make up over 60 percent of global GDP. Korea has sought to enhance its ties with the APEC economies that have untapped economic potential.

Attending this year¡¯s APEC Summit for the first time since taking office, Yoon made Korea¡¯s case to national leaders and businesses that Seoul is committed to high standards in trade and to partnerships that will benefit economies across the Pacific.

A Call for Connectivity

The APEC allies acknowledged the fact that the world economy is once again faced with an enormous challenge, worsened especially by the endless war in Ukraine and the recent Israel-Hamas conflict. These challenges are accelerating the segmentation of the world economy into blocs, and the nations in the Asia-Pacific region are facing a significant threat in terms of economic security.

Yoon at the summit sought to deliver a clear message that Korea will contribute to APEC as a ¡°global pivotal country¡± in dealing with global challenges. The president shared his vision for APEC cooperation to enhance the connectivity of the world economy in three major areas: trade, investment and supply chains.

To do so, he called on the APEC leaders to prioritize supply chain resilience by adopting early warning systems and other steps to address supply chain disruptions. Yoon hailed APEC¡¯s efforts toward lowering regional trade barriers and boosting the capacities of member states, saying that ¡°Resilient supply chains form the core of the multilateral trading system.¡±

Such interconnectivity must be strengthened in the digital sector as well, Yoon stressed. He reaffirmed Korea¡¯s commitment to actively participating in international discussions to establish digital rules, saying that ¡°Data must be smoothly connected beyond borders and the digital divide among countries must disappear.¡±

Yoon also highlighted Korea¡¯s role in leading the effort to make the world ¡°greener.¡± He issued a call to action on climate change, saying that Korea will lead the spread of carbon-free energy use by cooperating with the APEC member states.

Stronger IPEF Cooperation

On the margins of the APEC Summit, the leaders of 14 member nations of the Indo-Pacific Economic Framework (IPEF), including Korea, the U.S. and Japan, discussed strengthening regional economic cooperation. In 2022, the U.S. administration launched IPEF in an effort to enhance economic ties in the region while keeping China¡¯s growing influence in check. The 14 IPEF member nations make up a group of mega economies representing 40 percent of the world¡¯s GDP.

The IPEF leaders agreed to strengthen the capacity to prevent and respond to supply chain disruptions and to promote cooperation and investment to pursue a clean energy economy. They also vowed to combat corruption and improve tax administration for a fairer economy and to come up with mutually beneficial trade agreements.

In particular, the leaders agreed to establish the Critical Mineral Dialogue to ensure a stable supply of core mineral resources and, also, the IPEF Network to encourage personnel exchanges of experts from the member nations.

Korea¡¯s attendance at this year¡¯s APEC Summit was an occasion to enhance the status of Korea, a country that fulfills its responsibilities for and contributions to regional and global issues. It also further deepened cooperation among Korea and the economies in the Asia-Pacific and Indo-Pacific regions.

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