In late October this year, ahead of the ‘2025 Asia-Pacific Economic Cooperation (APEC)’ to be held in Gyeongju, North Gyeongsang Province, a delegation of 1,500 APEC representatives, including Vice Ministers of Finance from various countries, will visit Gyeongju for the 1st Senior Officials' Meeting (SOM) and subsidiary meetings, set to take place over two weeks from the 24th to March 9.
On the 14th, the Ministry of Foreign Affairs explained that this conference consists of four major committee meetings, including the Senior Officials' Meeting, the Trade and Investment Committee, and the Economic and Technical Cooperation Operating Committee, along with 24 meetings such as the Customs Procedures Subcommittee, the Corporations Movement Group, and the Digital Economy Coordination Group. Meetings of Vice Ministers of Finance and Central Bank Deputy Governors will also be held as part of the Finance Ministers' Process. Most of the chairs for each meeting will be representatives from the South Korean government.
The SOM is a key consultative body that aggregates and reviews the discussions of various APEC meetings and oversees the implementation of decisions made at the summit and ministerial meetings. The SOM will include senior officials from 21 APEC member economies. A total of four SOMs will be held before the ‘2025 APEC’ meeting, with meetings scheduled in Jeju in May and Incheon in July.
The ‘2025 APEC Summit Preparation Planning Group,’ which oversees the 2025 APEC meeting, held a meeting of relevant ministries on the 13th, chaired by Yoon Seong-mi, Chair of the APEC Senior Officials' Meeting, to review preparations for the 1st Senior Officials' Meeting. This meeting included officials from a total of 27 relevant ministries and agencies at the Director level, discussing the operational direction of the subsidiary committees during the 1st SOM and key expected outcomes.