GYEONGJU, South Korea, Oct 31 (NNN-YONHAP) – Ministers of Asia-Pacific Economic Cooperation (APEC) member economies, yesterday, called for openness and connectivity amid economic headwinds.
During the APEC Ministerial Meeting, co-chaired by South Korean Foreign Minister, Cho Hyun and Trade Minister Yeo Han-koo, the ministers sought to reach common ground, on how they assess the current global trade landscape and define ways to promote growth and co-prosperity amid rising protectionism and weakening trade trends.
Noting that the Asia-Pacific remains the engine of global growth, Cho said in the opening remark, “Economic uncertainty, geopolitical tension, climate disruption and demographic shifts are testing both our resilience and our resolve.”
“Together, let us reaffirm APEC’s enduring purpose: to keep our region open, connected and forward-looking for the prosperity of all our people,” he said.
Yeo said that, the spirit of openness and trade, long embedded in the region’s history, remains the key to navigating future challenges.
“Amid profound shifts in the global economy, there is no better time than now to rekindle the spirit of openness and cooperation,” he added.
Home to more than 40 percent of the world’s population, APEC accounts for over 60 percent of the global economy and 50 percent of world trade. The ministers acknowledged that this strength also comes with growing responsibility, as the region grapples with demographic shifts, technological disruptions and reconfigured trade flows, according to a press release on the meeting.– NNN-YONHAP
