As uncertainty in the trade environment grows amid global supply chain instability and the prolonged war in the Middle East, Yeo Han-koo, Trade Minister at the Ministry of Trade, Industry and Resources, emphasized strengthening regional cooperation at the Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting.
The Ministry of Trade, Industry and Resources said Deputy Minister Yeo attended the APEC trade ministers' meeting in Suzhou, China, as the government's chief delegate for two days starting on the 22nd.
In his opening remarks, Deputy Minister Yeo said, "In an unprecedented crisis, the importance of predictable regionalism grows even greater," and added, "With a shared understanding that a practical approach is key to open cooperation, we expect APEC to continue functioning as a 'platform for practical cooperation.'"
Yeo said that concrete discussions are needed for APEC to serve as a cooperation platform. The intent is to seek ways for regional cooperation in areas such as expanding renewable energy, linking power grids, and carbon credits.
Deputy Minister Yeo also expressed Korea's intent to contribute to cooperation in artificial intelligence (AI) and digital fields, as well as to restoring the multilateral trade order through reform of the World Trade Organization (WTO).
Deputy Minister Yeo also attended the Digital Economy Partnership Agreement (DEPA) trade ministers' meeting and the DEPA–China trade ministers' meeting, which were held on the sidelines of this gathering.
He also held bilateral meetings. Deputy Minister Yeo held a total of 12 meetings with counterparts including China, this year's APEC chair; Vietnam, next year's chair; the WTO; the United States; and key partners in Latin America, Oceania, and the New Southern region.
In a meeting with WTO Director-General Ngozi Okonjo-Iweala, the two discussed ways to maintain momentum in talks on WTO reform. The two sides also reached common ground on extending or making permanent the moratorium on e-commerce duties, a longstanding duty-free practice, and on the swift entry into force and implementation of the Investment Facilitation for Development Agreement. Deputy Minister Yeo conveyed Korea's willingness to contribute in this process.
With the Chinese side, stabilizing supply chains was addressed as a key agenda item. Deputy Minister Yeo met Li Chenggang, China's Ministry of Commerce international trade negotiator, and agreed to continue cooperation to stabilize supply chains, including for critical minerals.
With the U.S. side, the two discussed Korea-U.S. trade issues. Deputy Minister Yeo met Rick Switzer, deputy representative of the Office of the United States Trade Representative, who attended as the U.S. delegate, and discussed implementation plans for the Korea-U.S. joint explanatory document agreed by the two leaders last year. He also explained that, in relation to the Section 301 investigation under U.S. trade law, it is necessary for both countries to manage the trade environment in a stable manner.