Trade minister stresses open plurilateralism, AI cooperation for APEC economies

Korean Trade Minister Yeo Han-koo, center, speaks at the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting in Gyeongju, North Gyeongsang Province, Thursday. Yonhap

The Asia-Pacific Economic Cooperation (APEC) must strive for open plurilateralism and cooperation in the artificial intelligence (AI) and energy transition to navigate recent shifts and challenges in the global economy, Korea's trade minister said Thursday.

"Today, APEC accounts for 61 percent of the global gross domestic product, 49 percent of world trade, serving as the world's leading production hub and a vital node in global supply chains," Trade Minister Yeo Han-koo said in his opening remarks for the APEC Ministerial Meeting (AMM) in the southeastern city of Gyeongju.

"Amid profound shifts in the global economy, there is no better time than now to rekindle the spirit of openness and cooperation," he added.

The AMM will serve as the final check before the upcoming APEC leaders' summit, set for Friday and Saturday, bringing together foreign and trade ministers of 21 APEC member economies to discuss pending issues for the region. Its deliberations will serve as a framework for an envisioned joint declaration — the Gyeongju Declaration — which Korea aims to have all APEC members endorse by consensus.

In the meeting, Yeo outlined three strategic directions for APEC — open plurilateralism, AI cooperation and clean energy.

"Korea's commitment to a rules-based multilateral trading system centered on the World Trade Organization remains unwavering," he said.

"Yet, this must be complemented by flexible, open mechanisms to adapt to change," he added, noting that APEC has long served as a cornerstone of open plurilateralism.

Plurilateralism, an international cooperation of a smaller group of countries, is often used as a concept contrasting multilateralism.

Yeo also called on APEC economies to drive innovation through digital trade and AI cooperation, sharing Korea's vision to lessen the digital gap between countries and large and small firms.

Korea proposed an "AI for Trade" initiative during the APEC trade ministerial in May and plans to launch an AI for supply chains project next year.

On the energy front, Yeo said energy transition can become both a "new growth engine" and the "foundation of sustainable prosperity," introducing Korea's efforts to pursue carbon neutrality, including the launch of the new Ministry of Climate, Energy and Environment and plans to build RE100 industrial complexes.

RE100, short for Renewable Energy 100 percent, refers to a global initiative that encourages companies to source 100 percent of their electricity from renewable energy as part of efforts to achieve carbon neutrality.

"We face economic uncertainty, fragmented supply chains and an escalating climate crisis, but we must not let these divide us," Yeo stressed.