APEC Ministers Press for Stronger Innovation and Connectivity to Safeguard Growth

Trade and foreign ministers from the 21 APEC member economies convened in Gyeongju to reaffirm their commitment to regional cooperation and renew joint efforts to harness digital innovation and supply chain resilience.

Minister for Trade of the Republic of Korea, Yeo Han-Koo, set the stage for the APEC Ministerial Meeting on Thursday. In his opening remarks he reflected on Korea's economic transformation from post-ward hardships to global trading powerhouse. He underscored that the spirit of openness and trade, long embedded in the region's history, remains the key to navigating future challenges.

"Korea's success story mirrors the broader Asia-Pacific experience. Since APEC's founding in 1989, trade and investment facilitation have lifted over one billion people out of poverty," said Minister Yeo. "Amid profound shifts in the global economy, there is no better time than now to rekindle the spirit of openness and cooperation."

Home to more than 40 percent of the world's population, APEC accounts for over 60 percent of global economy and 50 percent of world trade. Ministers acknowledged that this strength also comes with growing responsibility as the region grapples with demographic shifts, technological disruptions and reconfigured trade flows.

Minister Yeo called for strengthening connectivity through open plurilateralism - a flexible, voluntary approach to cooperation that complements the multilateral trading system and reinforces APEC's role as an incubator of ideas. He also emphasized the need to advance digital trade and artificial intelligence cooperation, highlighting Korea's "AI for Trade" initiative and the upcoming "AI for Supply Chains" project to be launched in 2026.

"APEC economies account for over one-third of global digital service exports and lead in AI technology," said Minister Yeo. "As digital gaps widen, between economies and between large firms and small businesses, Korea will work to ensure that all APEC members share in the benefits of digital and AI innovation."

Building on this momentum, ministers expressed determination to translate discussions into concrete outcomes. They highlighted efforts to boost digital readiness, improve competitiveness and close the digital divide. Coordinated policies, they noted, will be essential to building resilient supply chains and inclusive growth across the region.

"What we need today is the spirit of Gyeongju. Openness and cooperation will guide us toward a more peaceful and prosperous future for the Asia-Pacific," Minister Yeo said in closing.

The meeting sets the tone for the APEC Economic Leaders' Meeting, which will be held on 31 October to 1 November in Gyeongju. and marks the final ministerial-level discussions of Korea's APEC year.

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