Important Facts of the News
- Meeting held in Gyeongju, Republic of Korea
- Co-chaired by Cho Hyun (Minister of Foreign Affairs) and Yeo Han-Koo (Minister for Trade)
- Reaffirmed Putrajaya Vision 2040
- Focus on trade, investment, supply chain resilience, structural reform, people-to-people ties
- Call for comprehensive WTO reform
- Welcomed APEC Center of Excellence for Paper Less (ACCEPT)
- Emphasis on empowering younger generations amid demographic changes
Ministers Wrap Up Key Discussions in Gyeongju
Top officials from Asia-Pacific economies have concluded their annual gathering in the historic city of Gyeongju, South Korea, with a unified call to deepen cooperation across multiple fronts. The two-day session, led jointly by Foreign Minister Cho Hyun and Trade Minister Yeo Han-Koo, highlighted the need to build stronger links among member nations.
Participants stressed their ongoing dedication to the long-term roadmap known as Putrajaya Vision 2040. They pointed out practical steps to improve connections between countries, including expanding business opportunities, securing stable supply networks, pushing forward internal policy changes, and fostering direct interactions among citizens.
Urgent Need for WTO Overhaul Highlighted
A major topic during the talks centred on updating the global trading system. Delegates agreed that the World Trade Organization requires thorough changes to better handle current challenges and remain effective in a fast-changing environment. Such upgrades, they noted, would help the body address modern issues more swiftly and fairly.
Digital Tools Gain Prominence in Trade Facilitation
The role of technology in simplifying cross-border commerce received strong backing. Leaders praised the advantages of going digital to speed up processes and cut paperwork. In a significant move, they endorsed the launch of the APEC Center of Excellence for Paper Less, or ACCEPT. This new facility will serve as a hub to bring government agencies and businesses together for smoother collaboration on electronic trade solutions.
Focus on Youth Amid Shifting Demographics
Another critical area discussed was the effect of population trends on upcoming generations. Officials recognised that changing age structures pose both hurdles and openings for young people. They underlined the necessity to provide this group with proper skills and resources to create a sturdy and thriving region in the years ahead.
The joint declaration reflects a shared resolve among APEC members to tackle pressing economic and social matters through collective action. By prioritising reforms, innovation, and inclusive growth, the grouping aims to maintain momentum toward a more connected and adaptable Pacific Rim.