Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korea charts new path for APEC cooperation amid AI-driven shifts in global economy
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol speaks during the closing press conference for the APEC Finance Ministers’ Meeting at Inspire Entertainment Resort on Incheon’s Yeongjong Island, Thursday. Yonhap
By Yi Whan-woo
Finance minister says Incheon gatherings’ outcomes significant ahead of Economic Leaders’ Meeting
Korea played a leading role in proposing a new path for cooperation within the Asia-Pacific Economic Cooperation (APEC) during this year’s APEC Finance Ministers’ Meeting, in response to artifical intelligence (AI)-driven changes reshaping the international economic order, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Thursday.
Koo noted that this forward-looking approach was reflected in the adoption of the Incheon Plan, as well as in agreements reached during the APEC Structural Reform Ministers’ Meeting.
The outcomes precede the APEC Economic Leaders’ Meeting, which will be held next week in Gyeongju, North Gyeongsang Province — a summit expected to build on the discussions and policy directions established in Incheon.
The Incheon Plan, a new five-year road map guiding shared financial policies among the 21 APEC member economies, was unanimously adopted at the APEC Finance Ministers’ Meeting held in Incheon from Tuesday to Thursday.
The meeting was held jointly with the APEC Structural Reform Ministers’ Meeting, also in Incheon.
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, third from right, is joined by other participants during the closing press conference for the APEC Finance Ministers’ Meeting at Inspire Entertainment Resort on Incheon’s Yeongjong Island, Thursday. Yonhap
“These meetings were meaningful,” Koo said during the closing press conference at Inspire Entertainment Resort on Incheon’s Yeongjong Island.
He added that the gatherings “provided an opportunity for APEC members to discuss in detail how to work together for inclusive and sustainable growth in the age of AI.”
According to Koo, the Incheon Plan sets the midterm direction for APEC’s financial cooperation around four pillars — innovation, finance, fiscal policy, and access and opportunity across the region.
In particular, as the host country, Korea “broadened the scope of APEC’s financial discussions” by proposing AI-related themes for the first time within the APEC finance track.
“In a time when global dynamics are changing rapidly due to shifting trade policies and competition in AI technologies, the adoption of the Incheon Plan reaffirmed the importance of regional cooperation and coordination,” he said.
Koo noted that each chair economy over the next five years, including China in 2026, will select specific topics from the Incheon Plan to focus their discussions on.
Regarding the APEC Structural Reform Ministers’ Meeting, Koo said that participants discussed the role and direction of regional structural reforms in response to complex transitions such as AI-driven digital innovation and demographic changes.
He added that the joint statement and two annexes adopted at the Structural Reform Ministers’ Meeting will help APEC economies promote structural reforms in a more organized and systematic way.
“These cover key areas such as improving markets and business environments, supporting digital transformation and expanding economic participation to increase prosperity,” he said. “This established a solid foundation for advancing structural reform policies across the region.”
Koo emphasized that these outcomes were achieved just ahead of the APEC Economic Leaders’ Meeting in Gyeongju, making them “even more significant.”
“Korea will continue working to ensure that these outcomes lead to concrete results at the APEC Economic Leaders’ Meeting,” he said.