"AI as a New Driver of Asia-Pacific Economic Integration"... APEC Joint Ministerial Meeting on Foreign Affairs and Trade

Park Jeongseong, Head of Trade Negotiations, Attends APEC Joint Ministerial Meeting on Foreign Affairs and Trade Online on November 3
Facilitating Trade Through AI
Calls for Investment and Supply Chain Cooperation That Meets Businesses' Needs

Park Jeongseong, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, attended the Asia-Pacific Economic Cooperation (APEC) Joint Ministerial Meeting on Foreign Affairs and Trade (AMM) on November 3 and called for using artificial intelligence (AI) to facilitate trade and for investment and supply chain cooperation that meets businesses' needs.

At the meeting, Park presented three priorities for advancing economic integration in the Asia-Pacific region: a practical approach that considers the circumstances and cooperation needs of economies in the region; the use of AI as a new driver of regional economic integration; and regional economic integration focused on results that businesses can see and feel.

Park Jeongseong, Minister for Trade at the Ministry of Trade, Industry and Energy.

Park first emphasized the need to expand and deepen regional free trade agreements (FTAs) in the dynamic and diverse Asia-Pacific region, while actively making use of open plurilateral cooperation. Under this approach, economies with the willingness and capacity to cooperate in areas of common interest can take the lead, while keeping the door open to participation by more economies. He explained that this would enable a flexible response to diverse cooperation needs and help extend concrete results to a wider region.

Park particularly proposed actively using AI as a new driver of regional economic integration. "AI can improve interoperability among customs systems, simplify trade procedures and enhance information exchange, thereby increasing the efficiency and predictability of customs clearance and reducing the burden on businesses," he said. "We will work with APEC economies to ensure that technological innovation through AI contributes to increased trade and investment in the region."

Park added that, because investment connects capital, talent, technology and industrial ecosystems, regional cooperation is important to create a transparent and predictable investment environment and improve unnecessary investment barriers and procedures. He also proposed promptly sharing information businesses need to respond effectively to global supply chain disruptions and strengthening communication and cooperation among economies in times of crisis.

Based on the outcomes of discussions at the meeting, the Ministry of Trade, Industry and Energy plans to continue working with APEC economies to deliver results that expand trade and investment in the region at the upcoming APEC Economic Leaders' Meeting on November 18-19.

This content was produced with the assistance of AI translation services.