2024 APEC Ministerial Meeting (AMM) Outcomes

- Foreign Minister Cho and Trade Minister Cheong Attend AMM Held in Lima, Peru, on Nov. 14 ahead of APEC Economic Leaders' Meeting -

1. Minister of Foreign Affairs Cho Tae-yul and Minister for Trade Cheong Inkyo attended the 35th APEC Ministerial Meeting (AMM) in Lima, Peru, on November 14.

2. This year's APEC Ministerial Meeting was chaired by Minister of Foreign Affairs Elmer Schialer and Minister of Foreign Trade and Tourism Desilú León of Peru, the host of APEC 2024, in the presence of foreign and trade ministers of the 21 APEC economies*.

* Korea; Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Philippines; Russia; Singapore; Chinese Taipei; Thailand; the United States of America; Viet Nam

3. Held under the theme of "Empower, Include, Grow," the Meeting this year covered "innovation and digitalization to promote transition to the formal and global economy" (session 1), "sustainable growth for a resilient development" (session 2), and "trade and investment for an inclusive and interconnected growth" (session 3).

4. In the first session, Foreign Minister Cho discussed the current situation of informal economy in the Asia-Pacific region and iterated the need for a transition to the formal economy for resilient growth. He also suggested how Korea, as a digital innovation powerhouse, could make contributions and proposed the way forward for cooperation among APEC economies.

※ According to the International Labour Organization (ILO), the informal economy refers to "all economic activities by workers and economic units that are - in law or in practice - not covered or insufficiently covered by formal arrangements."

ㅇ The Foreign Minister emphasized that although the reason for this informality varies from one place to another and from one sector to the next, it is commonly accountable for insecurity and vulnerability and thus calls for the transition to the formal economy for resilient growth within the Asia-Pacific region.

ㅇ The Foreign Minister also noted that digital technology is an indispensable tool for the transition to the formal economy as it enables easier access to public services by simplifying and streamlining complicated administrative processes and facilitates capacity building for economic actors in vulnerable situations. He added that the Korean government is committed to sharing the best relevant practices, including its "Digital Platform Government" system, with member economies and to making continued contributions to enhancing digital economy and empowering vulnerable groups across the APEC region through the "Digital Innovation Sub-Fund" of which Korea led the establishment in 2019.

ㅇ The Foreign Minister also said that with digitalization-led innovation set as one of the main agenda for APEC 2025, Korea will host the first-ever APEC Digital Ministers' Meeting and lead discussions on establishing inclusive digital ecosystems. In this regard, he looked forward to the interest and participation of member economies.

5. In the second session, Foreign Minister Cho brought renewed attention to the interconnection between food security and energy transition, and the common challenge of climate crisis, and suggested policy measures for sustainable growth.

ㅇ With respect to food loss and waste, the Foreign Minister took note that digital technology can help minimize resource waste and help stabilize food supply through the optimization of crop production and supply chains with real-time data. He also iterated the commitment of the Korean government, as one of the lead economies in the sector of digitalization and innovation in APEC's Food Security Roadmap Towards 2030, to facilitate the sharing of policy measures among APEC members.

ㅇ Attributing, in part, the unstable food security to the climate crisis, he also called for the interest and participation of APEC economies in the Carbon-Free Energy Initiative led by the Korean government.

6. Foreign Minister Cho also pointed out that the recent military cooperation between the DPRK and Russia not only constitutes a violation of multiple United Nations Security Council resolutions but also undermines efforts to build a more prosperous Asia-Pacific region. He added that the deepening military ties between the DPRK and Russia, including through continued unlawful arms transfers and the deployment of DPRK troops to Russia, is prolonging the suffering of the Ukrainian people and threatening peace and security of both the Korean Peninsula and the world. On that note, he urged the DPRK and Russia to immediately end their unlawful cooperation.

7. In the third session, Trade Minister Cheong Inkyo emphasized the need for collaboration and cooperation in the Asia-Pacific region for an inclusive, interconnected and sustainable growth in the midst of economic uncertainties. He went on to suggest measures to promote economic cooperation in the APEC region, including maintaining the multilateral trade system led by the World Trade Organization (WTO) and accelerating the liberalization of trade and investment through the realization of the Free Trade Area of the Asia Pacific (FTAAP).

ㅇ Trade Minister Cheong addressed the importance of bolstering the multilateral trade system led by the WTO amid the escalating economic uncertainty caused by geopolitical conflicts and the restructuring of supply chains. In particular, he emphasized that enhancing predictability in global trade, including through the implementation of agreements recently concluded in sectors such as investment, e-commerce and services, and the restoration of the well-functioning dispute settlement system accessible to all members, will help reduce the uncertainty.

ㅇ Trade Minister Cheong also appreciated that the discussions to date on the realization of the FTAAP have contributed to regional cooperation and integration. He emphasized that Korea will continue such discussions as the host of APEC 2025, will address emerging issues such as climate change, digitalization and stable supply chains as part of the FTAAP agenda, and will support developing economies in the region in their capacity building efforts so that they can become competitive in the global trade environment.

ㅇ Lastly, Trade Minister Cheong mentioned that Korea will actively seek to advance discussions on sustainable growth in the region in order to yield tangible achievements in areas such as artificial intelligence, digital trade and the proliferation of carbon-free energy*, among others.

* In the APEC Energy Ministerial Meeting in August 2024, Korea suggested that carbon-free energy technologies be used to expand clean electricity in the APEC region. This initiative was endorsed by the United States, Indonesia, Thailand, the Philippines, Singapore, Russia, Chile, Papua New Guinea, Chinese Taipei, etc.

8. In preparation of Korea's hosting of APEC 2025, during the AMM, a turnover (promotion) video was played and Foreign Minister Cho introduced the theme and priorities of APEC 2025. The Foreign Minister explained that Korea would lead discussions on sustainable growth in the region under the theme of "Building a Sustainable Tomorrow," focusing on the priorities of "Connect," "Innovate" and "Prosper." In response, member economies expressed keen interest in and support for Korea's hosting of APEC 2025.

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